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TenantNet Forum Archives 1996-2002
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Early Termination of Lease Clause

Posted by Chad on April 07, 1997 at 01:03:46:

I'm seeking advice on a contract I signed in June 1996 which
allowed for an early termination of lease with a penalty.
As a rider to the lease contract, it is written that should
I wish to terminate the contract prior to one year, I give
30-days written notice, find replacement tenants acceptable
to the lessor, and pay the lessor the applicable ($500) REMAX
realty fee (from his contract with REMAX). Suitable tenants
have been found and will occupy the residence April 15th.
The landlord has already received rent from us through April
14th and has inspected the premises. He was very pleased
with the condition of the place and our time spent as tenants
to his property, but still wants us to pay his realty fee.
He is also quick to point out that though he will return all
of our security deposit, Illinois law does not require him
to return any interest on our $900 security deposit. I'm
looking for any ideas about the situation since we found new
tenants for him and he still wants us to pay his realty fee.

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