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Options for Breaking a Lease


If you are currently renting from Real-Time Leasing and need to break your lease for any reason during the lease term, you have two options to choose from.
 

Option 1
You can pay out for the remainder of the lease term. This option may be best if you are close to the end of your lease term.


Option 2
RTL can find a new tenant to sign a new lease for the property (this is not a sublet). The tenant is responsible to pay for the following:

  • Current rent as per your lease agreement until a new tenant moves in
  • Advertising of the property 
    • $99 per month for the time that the property is on the market
  • Lease cancellation fee
    • Equivalent to 1 month's rent as per your lease agreement

Note: These fees cannot be taken from the deposit. Your deposit is separate and will be returned to you less any cleaning/damages within 21 days of your move-out date to your forwarding address.
 

Here's how option 2 works:

  • Notify Real-Time Leasing of your intent to vacate in writing (Acknowledging the option you are choosing)
  • RTL will re-advertise your unit and perform showings in an effort to find a new tenant.
  • All prospective tenants will apply through Real-Time Leasing and be approved by Real-Time Leasing's tenant guidelines.
  • Real-Time Leasing will facilitate the move-in/move-out process with you and the new tenant
  • Both the move-out appointment (for the vacating tenant) and the move-in appointment (for the new tenant) will be held at separate times, at the Real-Time Leasing office.  Our office is located at: 2426 117th St. E. Burnsville, MN 55337.
  • The vacating tenant will turn in all keys and garage door openers to the unit. If any keys/GDO's are missing or not turned in, Real-Time Leasing will charge the vacating tenant's security deposit for the cost to re-key the unit and/or replacement cost of garage door openers.
  • The new tenants will meet at the Real-Time Leasing office to sign the lease and all move in documents and pick up the keys/GDO's for the unit.
  • Real-Time Leasing will perform the standard move-out walk-thru (turnover walk-thru) of the property prior to the new tenant moving in. Real-Time Leasing will, including the assessment of damages, and issue the security deposit proceeds back to the vacating tenant.
    As per MN Statute 504B.178, Real-Time Leasing will reconcile the account for the vacating tenant and issue the security deposit refund (less damages/cleaning costs if applicable) within 21 days. This will be sent to the vacating tenant's forwarding address provided by the vacating tenant.
  • Security deposits paid by the incoming tenant are to be directly received by Real-Time Leasing.
  • Actual move-in/move-out dates of both vacating and new tenants will be agreed on with Real-Time Leasing. Rent will not be prorated/refunded regardless of the actual move-out date and the vacating tenant is responsible for any rent up to start date of the new tenant's lease.
  • When the property has been filled we will then send you a invoice with all charges. If these charges go unpaid for anymore than 30 days, we will then submit any outstanding charges to a 3rd party Collection Agency.
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