A yearly lease is an agreement between landlord and tenant where the tenant agrees
to live in the apartment or space provided for one year from signing of the
lease.
Why do landlords use this type of lease?
There are some landlords that use month to month leases but with a yearly lease
you are locking in your tenant into staying put for a month. If the tenant refuses
at some point to pay rent and the lease still has some months left on it, the
landlord can use the lease as a way of suing for back rent as well as the remainder
of the lease.
Can a tenant break a year long lease?
Most smart landlords put a stipulation in their leases that a tenant may break
a lease but there will be a penalty and they may be responsible for the remainder
of a lease. A lease is a contract and depending on who breaks the lease will
come out on top.
If a landlord breaks a lease will the tenant still be responsible for
paying rent?
Yes, a tenant must pay rent as long as they are living there. But a landlord
must give the tenant sufficient amount of notice to the tenant to find somewhere
else to live. But if a tenant refuses to leave the landlord may take the tenant
to landlord- tenant court and a judge could decide to let the tenant stay if
the landlord does not have a good reason why the tenant has to leave.
Can a landlord refuse a security deposit if the tenant breaks the lease?
Legally no. A security deposit is given for first and last month's rent
and to cover any damage to the apartment. If a tenant leaves the apartment in
good condition a landlord must return the security deposit.
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