When you’re writing your Letter of Intent to termination of lease agreement by tenant letter, in reference to residential real estate, it’s helpful to consider the many possible challenges in this process from a practical sense and an emotional standpoint. Since terminating a commercial lease can be extremely complex, this discussion will focus on the a) emotional impact of writing a letter of termination and b) the significance of terminating a lease for residential real estate as it relates to family law issues. This is a completely separate issue from terminating a commercial lease which may have many different legal terms.
To begin with, let’s define what a Letter of Intent to terminate the lease agreement by tenant is and the how it is a necessary tool for any landlord or tenant in any situation. A Letter of Intent to terminate lease agreement by tenant is written when a tenant wishes to vacate a property. These letters are very common and generally used with all types of leased real estate, whether this pertains to a lease on a home, a commercial building, retail store or various other forms of real estate property. There are a few common circumstances which may prompt a termination of lease, including the following: In the sphere of a divorce, there are additional situations which may warrant a decision to terminate a lease.
To give an example, if a husband and wife are living in the same home or leased property, it is likely that at least one of the individuals will need to find new accommodation immediately following separation. The spouse who is moving out of the home will need to end the lease in the form of filing a letter of intent to terminate lease agreement by tenant. If children are involved, it is equally important for the spouse who is leaving the house to quickly remove them in order to prevent the court from appointing a custody order that simply awards custody of the family home to the individual who is still residing in a real estate property. In particular, this can be a very big issue in a high net worth divorce or one involving a considerable amount of property.
There are several ways in which a Letter of Intent to terminate the lease agreement can be nuanced and this can ultimately differ depending on whether a person is filing this for residential or commercial real state. For example, if you are breaking a lease for commercial property, you will need to take care of the issues regarding the business and vacate the office or store in which you had been operating. In the case of a residential real estate property, the only way to get out of the lease may be to pay the next month’s rent and an additional month or two, if necessary. This may also involve returning the keys and conducting inspection of the property in order to determine if there was any damage done to the real estate property.
Exiting from a lease can be an emotionally difficult task, whether this involves familial restructuring or not. In the case of a divorce or separation, if children are involved, it is important to remove them from the property unless absolutely necessary. On another note, you may need to take care of the property for several weeks before you are able to meet with a partner or sign a new lease elsewhere. This can be a challenging time for both parties and can put a damper on the potential for amicable negotiations.
To begin with, if a spouse is vacating a property in which they were residing during the marriage, they must maintain a current address and ensure that their rent is covered by themselves or a joint account until such time that they have an orderly transition into a new property. It is certainly possible to handle all transfer actions out of court, whether this relates to residential real estate or commercial real estate. However, in some cases it becomes necessary to involve the court. In the case of a residential real estate property, this is particularly true in a high net worth divorce – an issue which is discussed further in this article.
For more information on lease agreements and tenant rights, you can visit HUD’s Tenant Rights page.