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Any real estate agents on the site?

Dan

Kim Jong Dan
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just wondering if you have any advice on ending a lease early?

Linda and I need to break one of our leases as we want to move in together soon and and get married. Just wondering if there is a way that always helps reduce costs. I looked at all the tenants NSW stuff and it is sound advice. But wondering if there is any inside information you can give me and any reasons that might appeal better to the agent?
 

byso

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Question is, is anyone willing to admit there a real estate agents ;)

From what I know you can ask to leave and you pay the rent until the place is released. But I guess you already know that.
 

Fro

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If you have someone to take over a lease they will let you break it no probs,

I'm no agent but my brother had a similar situation and needed to break a lease and the agent actually found another tenant, but till then he was responsible.

I thought we were going to hear you were looking at buying a place :)
 

Dan

Kim Jong Dan
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I am looking at buying but I am going from an individual High income earner to a low income family situation now :(

Some agents just let you go. But not many. I am hoping Linda can go in and use her charms to break the lease. She usually gets the real estate agents jaws on the ground so it could all work well
 

Fro

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yeah get the women to work the magic, sometimes more likely to get a result.

unfortunately my bro couldnt use that one as a chick was the reason he needed to break it, pissed off and left him with the full rent himself.

yeah if they are in a high demend area and are likely to re - let it with no trouble they are more likely to let you go. Also if you have been a good tenant they will be more likely also.
 

Spuds Bodyguard

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You can possibly offer to pay the advertising costs to try and find another tenant sooner, or alternatively dont pay the rent for a couple of weeks.

If the rent is overdue by 4 weeks the agent will have to evict you. You will lose the bond but this is the equivalent value to 4 weeks rent anyway. Would just mean you would need to put the new lease in the other persons name.
 

Dan

Kim Jong Dan
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Spud that isn't a bad idea actually!

As for the advertising costs you are liable for these anyway if breaking a lease early.

However the Agent must do everything within their power to find a tenant ASAP. They can not sit on their hands and if they dont advertise it right away you basiucally dont have to pay any costs for extended periods.

Essentially they have a legal obligation to minimise your costs.

She has a pretty good apartment. In a great a complex, which means it will probably be rented out fairly quickly.
 

Fro

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if you get evicted you get a big black mark against your name which may not go on your credit record, as it is technically a debt you have defaulted on.

You definately wont be touched again Rental wise, not sure of the repercussions as far as finance goes.
 

Narcissus

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I had to break a lease once, so I can tell you from first hand experience that you better be ready for high advertising costs. I don't know how they determine how much it costs to advertise, or where they're doing it, but it cost me a few hundred dollars, on top of the rent I had to pay while they were still looking.

But Dan, you're right in that they have a legal obligation to fill it ASAP. From your point of view, you should watch that it's getting advertised and be sure to drive past it every now and again, just to make sure that they haven't rented it out and forgetting to tell you... which is what happened to me :)

That tenant's site is awesome, though. I never knew that in NSW, even if you sign to agree to do so, you're not required to pay for steam cleaning the carpets when you leave!
 

Spuds Bodyguard

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As for your credit rating, a default cannot be registered, as a residential lease is precided over by the Rental Bonds Tribunal not the criminal or civil justice system. The Tribunal has no jurisdiction to place a default.

There is also no central database of evicted tenants so it is unlikely there would be any long term side-effects.

It's not the prettiest way of doing it, but if all else fails.
 

Fluffy

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Spuds on the right track

Like the issues with IP there are laws that can be read in your own time.

I also suggest you apply for the bond back from the rental board rather than let the real estate agent make the claim as if there is any discrepency they have to pay $30 to get the case opened - our real estate agent tried to charge us for cleaning about $300 (unwarrented) but wasnt willing to challenge the bond application for $30 suprisingly.
 

Narcissus

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Fluffy: I know I'm making an inference here, but does your comment about IP mean that you're in IP yourself?

I know a couple of guys on here that would appreciate a cheap IP lawyer sometimes :)
 

Fluffy

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no im not at all, im something far more useful to society.

There was the issues on here about IP a couple of weeks ago and i was referring to the path that took.

I am dating a law student but she only has a basic understanding of IP in lawyer terms.
 

Narcissus

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Hmmm... must have missed that thread. It's a shame, because I secretly enjoy reading that sort of stuff... and debating it without end or meaning with Dan :)
 

fLIP

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Dan, I broke a lease early once. I told them that I had lost my job and would have no way of paying the rent beyond 3 weeks.

Needless to say they are very quick to find someone to move in. Like fro said, as long as they have someone to go in, you wont have a problem getting out.
 

Dan

Kim Jong Dan
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yeah that is not a bad idea. Linda has a few excuses she can use. So lets hope it works out
 

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