OT: Rental Lease Agreements

[LAAFTERHOURS]

Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.

I have done this with my current landlord. Best thing to do is to communicate your intentions up front.

[UCGal]

[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.

I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]

ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)

Whatever you negotiate – GET IT IN WRITING!

[UCGal]

[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.

I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]

ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)

Whatever you negotiate – GET IT IN WRITING!

[UCGal]

[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.

I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]

ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)

Whatever you negotiate – GET IT IN WRITING!

[UCGal]

[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.

I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]

ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)

Whatever you negotiate – GET IT IN WRITING!

[UCGal]

[quote=LAAFTERHOURS]Dont rent from an apartment management company. Instead rent directly from a home owner and tell them upfront that you may purchase in the next 12 months but you will give them plenty of notice (as soon as you enter escrow maybe). Also offer to help them show the rental while you are still there and help list the place on craigslist.

I have done this with my current landlord. Best thing to do is to communicate your intentions up front. [/quote]

ITA with this. Management companies often pay a commission to the rental agent – so they are under incentive to get you in, even by lying to you. I was caught in this predicament – the agent very clearly told me that they waived the lease if you sent them a certified letter with copy of the purchase agreement if you were buying a house. I did that, and they sent me back a very nice letter saying congrats on my purchase, but I still owed through the balance of the agreement. The management company agreed with me (again verbally) that I’d been lied to by the rental agent… but that wasn’t their problem. My attorney said it could go either way in court. I settled by giving up my deposit and 1.5 months rent. (Beats paying 6 months rent.)

Whatever you negotiate – GET IT IN WRITING!

[duncbdunc]

I offered 60 day notice, marginally higher monthly rent and a one month lease break fee. Worked for me, although I found that its more difficult to get this concession during the summer months; Landlords seem to prefer spring/summer lease breaks. It gives them more negotiating leverage during the peak rental season.

Also, if you have strong credit score and a good income, it helps to disclose it. Anything that makes you an attractive candidate helps.

I agree with what the other poster said. Property managers are less inclined to make concessions here. Look for an owner who manages the property themselves.

[duncbdunc]

I offered 60 day notice, marginally higher monthly rent and a one month lease break fee. Worked for me, although I found that its more difficult to get this concession during the summer months; Landlords seem to prefer spring/summer lease breaks. It gives them more negotiating leverage during the peak rental season.

Also, if you have strong credit score and a good income, it helps to disclose it. Anything that makes you an attractive candidate helps.

I agree with what the other poster said. Property managers are less inclined to make concessions here. Look for an owner who manages the property themselves.

[duncbdunc]

I offered 60 day notice, marginally higher monthly rent and a one month lease break fee. Worked for me, although I found that its more difficult to get this concession during the summer months; Landlords seem to prefer spring/summer lease breaks. It gives them more negotiating leverage during the peak rental season.

Also, if you have strong credit score and a good income, it helps to disclose it. Anything that makes you an attractive candidate helps.

I agree with what the other poster said. Property managers are less inclined to make concessions here. Look for an owner who manages the property themselves.

[duncbdunc]

I offered 60 day notice, marginally higher monthly rent and a one month lease break fee. Worked for me, although I found that its more difficult to get this concession during the summer months; Landlords seem to prefer spring/summer lease breaks. It gives them more negotiating leverage during the peak rental season.

Also, if you have strong credit score and a good income, it helps to disclose it. Anything that makes you an attractive candidate helps.

I agree with what the other poster said. Property managers are less inclined to make concessions here. Look for an owner who manages the property themselves.

[duncbdunc]

I offered 60 day notice, marginally higher monthly rent and a one month lease break fee. Worked for me, although I found that its more difficult to get this concession during the summer months; Landlords seem to prefer spring/summer lease breaks. It gives them more negotiating leverage during the peak rental season.

Also, if you have strong credit score and a good income, it helps to disclose it. Anything that makes you an attractive candidate helps.

I agree with what the other poster said. Property managers are less inclined to make concessions here. Look for an owner who manages the property themselves.

[Author]

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