Lease Breaks
Overview
We understand that a lease break is a difficult decision. Nobody wants to go through a lease break unless it is necessary. Everybody at GPS Renting is here to help you go through this process.
If you do plan to go through a lease break, here is what you should expect:
- You will remain responsible for rent, utilities, and any associated costs until a new qualified tenant has been secured and has taken occupancy, or through the end of your lease, whichever comes first.
- The property will be relisted on the market at the current rent or fair market value, whichever is higher.
- We can begin marketing the property either once it is turned over to us or while you are still residing in the home. If you choose to remain in the property during this time, you may assist in coordinating tours. If you would like to proceed with this option, please provide an email address that can be shared with prospective applicants. We recommend using a separate email for this purpose.
- Per the lease agreement, the security deposit will be handled in accordance with the lease terms and applicable regulations, and may be applied toward any outstanding balances, damages, or other allowable charges at the end of the tenancy. Once all costs related to the transition have been accounted for, any remaining deposit, if applicable, will be returned.
- Once a move-out date is confirmed, the listing will reflect an availability date approximately 18 days after move-out to allow time for preparation and any necessary repairs. You will remain responsible for rent during this transition period.
For example, the move-out date is 01/02/23 and the move-in date would be 01/20/23.
The Notice of Intent to Break Lease form will be sent through the AppFolio Resident Portal for your review and signature to formally proceed. Please submit it as soon as possible once you receive it.
Clear communication is key throughout this process. Please feel free to share your plans or any questions you may have, and we will do our best to assist.
How to Start the Process
Please follow the steps to start the process on your portal: https://gpsrenting.appfolio.com/connect/contact_us. Please let us know the reason for the lease break so that we can share that with the owner too.
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