Tenant want to break lease early?

Question

My tenant asked if she could break her lease early. I want to let her and I want to sell it. What do I need to do to let her do that? She's on a yearly.

Answer 1

Neither party has the right to end a lease agreement, unless there is mutual consent. In your case there is, so legally it can be done. However for it to be recognized legally (so that neither party is liable in the future) make sure you sign an appropriate form.

Each provincial/state government will have their own set of documents one has to fill in and sign. Most will have an official "Decleration" that both parties must sign (both signatures have to be original...i.e. cannot be done over the fax). If you are in a state/province that has an official designated document, and you sing a random contract you typed your self, you can be potentially liable to your tenant if he/she decides to argue to a court that you mislead them and owe them monetary damages.

I doubt your tenant is a trickster, but to cover all angles i would suggest a 5 minute browse of your local governments web-site and to download the appropriate form. I can help you locate it if you let me know which State/Province.

Answer 2

Both of you sign an agreement that you are both voluntarily terminating the lease and there is no penalty or termination fees.

That will cover both of you.