Hey,
Due to a family emergency, I had to break my apartment lease. I was scared as I had no idea about the cost of breaking apartment lease or the legalities involved. Generally, the cost of breaking an apartment lease is dependent on the terms of the lease agreement.
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What is the cost of breaking apartment lease?
Most lease agreements In India have a lock-in period( minimum duration during which the tenant cannot break the lease). If a tenant breaks the lease during the lock-in period, they may have to pay a penalty, which can be up to two months' rent. Additionally, tenants might have to forfeit their security deposit and pay a percentage of the remaining rent amount.
Let me give you an example to understand the average cost to break an apartment lease. Let's say you signed a 12-month lease with a monthly rent of Rs. 20,000. If you decide to break the lease after six months, you may have to pay the remaining six months' rent, totaling Rs. 1,20,000. You may also have to pay a penalty fee of up to two months' rent, which is Rs. 40,000 in this case. The exact cost will depend on the rent agreement and your landlord.
In India, if a tenant breaks the lease agreement, the landlord has the right to take legal action and sue the tenant for damages, including the unpaid rent and penalties. can also explore the option of including a break lease clause in the lease agreement. This clause allows tenants to pay a fixed amount to break the lease early without having to pay the remaining rent amount or penalties.
To minimise the cost of breaking apartment lease, tenants can try negotiating with their landlords.
Read more:
What is lock-in period in rent-agreement?
What is a Partial Rent Agreement?
How Much Does Rent Agreement Cost?
Can We Make Back Dated Rent Agreement?
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Authors Of The Question
What is the cost of breaking apartment lease?
Neena
989Views
1 Year
2023-02-23T21:23:04+00:00 2023-02-23T21:23:05+00:00Comment
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