Flexible Lease Break With House Purchase
Benefit Overview
If you are considering buying a house but currently have a lease with GPS Renting, we are here to help! Don’t worry about breaking the lease! If you buy your house with our partner agent, we will take care of some of the lease-breaking fees so you can smoothly move into your newly purchased home!
You will work with our partner agent to purchase your home. In terms, our agent will use some of the commission to cover some part of the lease break fees, which include the following:
- Tenant placement fee, which is 50% of one month's rent
- Gap rent and utilities fees for when the property is vacant
- Repairs that are not covered in normal deposit returns. Please note that the standard repairs and cleaning that are beyond normal wear and tear are still your responsibility
- The maximum coverage will be 25% of the commission received by our partner agent
Please also note that this offer is pending owner approval. If the owner does not agree with the flexible lease break, we will not be able to offer the program to you. You can still consider using the partner agent at the time or your own real estate agent. Please note that GPS Renting may receive a referral fee from the partner agent for the transaction.
Your Responsibilities
Please note that the reimbursement of the fees will happen after the move-out lease break process is done. You are still responsible for paying the rent and utility and carrying on all the responsibilities throughout the process.
Here are the items that we mentioned in the standard lease break scenario that you are responsible for:
- You are responsible for all the rent and utilities until a new resident is found and moves in or through the end of your lease, whichever comes first.
- We will need to list the house on the market when you are still residing in the property. We need your help to coordinate tours and help find a new resident. You are responsible for the tours during this time until you choose to vacate the property. We would need an email so that we can have potential applicants contact you. Because the email will be on the ads, we recommend you create a separate email for this purpose. Please note that if after a market analysis, it is found that the fair market value is greater than the current rent, the home will be listed at that higher price.
- Per the lease agreement, the security deposit & pet deposit becomes non-refundable. Based on the property condition and transition situation, however, we always ask the owner to see whether they will agree to deduct the transitional costs and return some of the deposit. Because each owner is different, we can't guarantee anything. But we will try our best. Please be aware that, even if the landlord decides to refund the deposit, additional fees will still apply, including a leasing fee equivalent to 50% of one month's rent.
- Once you confirm a move-out date, we will put on the ad that the property will be available 2 weeks later to make sure it is move-in ready and repairs can be addressed. You would be responsible for the rent during this transition period. For example, the move-out date is 01/02/2050 and the move-in date would be 01/16/2050.
Next Step
As mentioned we will use the partner agent's commission to cover some of your lease break cost up to 25% of the gross commission received by the partner agent. We believe that this is a win-win situation for everybody.
If you are interested in taking advantage of this offer, please email care@gpsrenting.com with the title "Flexible Lease Break With House Purchase" so that we can match you with our agent.
Standard Lease Break Information
If you decide not to work with our partner agent, you can still lease break. We understand that life happens and we try to be as understanding as possible. Please see the lease break information here in the Resident Handbook: Lease Break.
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