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Can I break a lease?

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  • Avatar bosoxs505 
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    Alright this sounds bad. So I am going to be a first year medical student in less than a week in my home town. I rushed and signed a one year lease to a house with 2 other med students for 575 a month because I was itching to move out of my house (stayed home for college) I believe I rushed the decision and feel that I would be much more comfortable and at peace if I just stayed home and commuted to school (15 mins away from school). My roommates completely understand my situation and know how close I am to my family. Is there anyway I can break the lease or do I have to pay the entire amount of the lease (~6,500).

    #234462 Reply
    Avatar Rthoma23 
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    What does lease say?

    #234464 Reply
    Liked by Craigy, Rthoma23, Peds
    Avatar bosoxs505 
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    Have to pay a full lease amount and or termination fee. Not sure how to comprehend the full entity of the lease.

    #234466 Reply
    Avatar DCdoc 
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    Earnest refinancing bonus

    Sounds like you’re on the hook for the full amount whether you live there or not.

    #234467 Reply
    Avatar jacoavlu 
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    Generalization (that’s what you get on an internet forum): Knowing no more details I think you should re-think things. Go live with the other med students. It’ll be better for you in the long run. Staying home through college and med school is pretty unusual.

    The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA

    #234469 Reply
    Liked by xraygoggles, Tim
    Avatar Tim 
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    •What’s the termination fee?
    •What did the lessor say?
    •Do the roommates and landlord mind you subleasing or finding an acceptable replacement?
    •You may find someone looking for a place to live during orientation. Don’t just write checks. Find an agreeable solution.

    #234470 Reply
    CordMcNally CordMcNally 
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    Status: Physician
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    You can break a contract at any time but there will be penalties and consequences. It should say in the lease. It also depends if all three of you are on the same lease or have separate leases (which I think would be unusual).

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #234471 Reply
    Liked by q-school, Tim
    ENT Doc ENT Doc 
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    What is your plan here? To shackle the other students with the additional costs or just stiff the landlord with less than a week’s notice? Unless the landlord explicitly allows you to modify the lease if another party is found you are on the hook.

    Integrity is one of the most important parts of being a physician. You signed your name and gave the landlord and classmates your word. Uphold your end of the deal no matter the economic cost. Otherwise you’ll look like a jerk to your classmates and are starting your medical education off on the wrong foot.

    #234472 Reply
    Avatar bosoxs505 
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    We all have separate leases. I will look around during orientation to see if someone is looking for a place.

    #234473 Reply
    Avatar bosoxs505 
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    Joined: 06/09/2019

    I come from a first generation family. My family of 4 does not have any relatives in the area around me. I achieved success in undergrad mostly due to the support system at home. I understand the integrity that ENT Doc is saying. I just think I made a hastily decision that I do not want to make worse.

    #234474 Reply
    jfoxcpacfp jfoxcpacfp 
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    Yes, it does sound bad – we all make emotional mistakes, so no condemnation. The document rules, along with how motivated the landlord is to pursue it. I would approach her/him and explain your situation and ask if you can either sublet in your place or be allowed a stated period of time to find a replacement tenant.

    Agree that this sounds like is a kind of $hitty thing to put in your co-tenants’ laps. Of course, I don’t know all the particulars. If it were me, I think I would at least offer to cover at least some of the extra costs you are asking them to pay, at a minimum until you find a 3rd tenant (who is agreeable to them).

    Please let this be a lesson as you go through med school and training to become a doctor: emotions don’t belong in financial (and business 😑) decisions.

    Johanna Fox Turner, CPA, CFP: I am not your financial advisor; any responses are for general purposes only
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #234475 Reply
    Avatar Tim 
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    IF you end up needing to pay, I suggest you take advantage of the opportunity.
    First generation family relying on support system at home. You need to consciously cultivate skills of living independently. This may provide a transition period.
    Weekends at home or however you choose. It’s not just economic from your posting.

    #234477 Reply
    Liked by bosoxs505
    Lordosis Lordosis 
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    Status: Physician
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    Joined: 02/11/2019

    At this point I would just live in the place you rented. If you don’t like it you don’t have to do more then 1 year. If you really gate it after a month or 2 see what options you have but it looks like you will have to eat the cost. So go with a positive attitude.
    It wouldn’t be a bad thing to broaden yourself a little. There is a lot more to medical school then just the medicine. You have to learn how to handle life in conjunction with a crazy workload.
    Good luck.

    “Never let your sense of morals prevent you from doing what is right.”

    #234479 Reply
    Liked by artemis, Tim
    Avatar bosoxs505 
    Participant
    Status: Student
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    Joined: 06/09/2019

    I’m a life long second guesser. I know independent living is going to be a challenge and I am up for it. I haven’t told anyone I want to break the lease because it’s just an idea I had. Getting out of my comfort zone is harder than I estimated it would be.

    #234480 Reply
    Liked by Tim
    Hank Hank 
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    Status: Attorney
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    Joined: 03/27/2017

    Can you break the lease?  Sure.  But more importantly, what are the consequences of breaking your contractual obligation?

    First, look to the terms of your rental agreement.  Next, look to relevant state statutes and case law. On the one hand, you have an obligation over the term of the lease.  On the other hand, you have the landlord’s duty to mitigate by trying to find another tenant. Furthermore, you may or may not have the right to sublet or provide a substitute tenant.  You also may have your obligations to the other tenants or your breach of obligations to the other tenants, not just to your landlord.

    Quite frankly, if the rent is reasonable, it might be quite a good deal to have two other study buddies in the same house with you.  Mom and dad and siblings are great, but now might well be the time to step up, pay your own rent, establish your own credit history, and live near enough to do laundry at home and enjoy a home cooked meal on Saturday or Sunday, but far enough away that you might bring the occasional date home when you aren’t studying your butt off for didactics and Step 1.  Best of luck!

    #234485 Reply
    Liked by jfoxcpacfp

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