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A lease buyout is an agreement in which a tenant pays to break the lease for the remainder of its term. While many landlords allow tenants to buy out their lease, the conditions vary depending on how the lease is written. In order to be prepared, there are 3 things to know about lease buyout clauses: 1. Notification Periods
2. Penalties
3. Types of Buyout Clauses
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TYPES OF BUYOUT CLAUSES
1. LEASE BUYOUT WITH NOTICE AND PENALTY: tenant gives proper Notice and and pay a Defined Penalty that is specifically defined in the lease.
2. LEASE BUYOUT WITH A RENT RESPONSIBLE CLAUSE: tenant continues to pay rent under the current lease until unit is rented to a replacement tenant.
3. LEASE BUYOUT FOR MILITARY PERSONNEL: by law, active duty military personnel can buyout their lease due to deployment or transfer/reassignment. They must provide a written copy of orders with notice and provide a 30-day notice.
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