The possible impacts of breaking a lease are usually pretty costly. Understanding the potential repercussions of breaking a lease early is crucial, even though you might not have a choice but to break your lease. These are the most likely outcomes of breaking your lease without paying a reletting or lease break fee.
Your credit and rental history being impacted
Most tenants are unaware that breaching a lease can have a negative impact on their credit score in addition to the financial repercussions. Rental history is frequently disclosed to credit reporting companies by landlords and property management companies, and defaulting on a lease is regarded as a serious negative event. Renting an apartment could become more challenging in the future if you have a bad credit score.
You forfeit your full deposit
You can be charged early termination costs in addition to having to give up the security deposit you made when you first moved in. Be ready for this financial setback because it will affect your search for a new apartment.
Paying a lease break fee
Penalties and costs for breaking a lease are frequently included in lease agreements. Two months’ worth of rent often constitutes an early termination charge. Check your state’s laws and regulations because different state laws have restrictions on how much a landlord can charge.
being sued by your landlord
Because a lease is a binding legal agreement, your landlord has the legal right to sue you for the balance of your rent, as well as for lost income damages and the cost of finding a new renter. This worst-case scenario should be avoided as it may result in significant fines, fees, and negative credit reporting for you.
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