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Early Termination of Tenancy Agreement

This is a posting on Early Termination of Tenancy Agreement within the Experience Sharing forums, part of the Regulars' Corner category; Hi. I would like your views on Early Termination of Tenancy Agreement. I have just taken a unit in condo ...

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Old 13-11-2011, 10:10 PM
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Arrow Early Termination of Tenancy Agreement

Hi.
I would like your views on Early Termination of Tenancy Agreement. I have just taken a unit in condo on tenancy for 2 Years period with Executive Clause and have not even completed 4 months of tenancy (at a rent of 4k / Month). My landlord is in the process of finalizing a deal to sell the unit and has informed me of same. Apart from executive clause, there is no additional terms / condition for early termination of tenancy. Since the prospective buyers want to use unit for their own use, sale can only proceed if I agree to move out. The landlord has consulted me and offered me a compensation apart from returning my security deposit. I will also get sufficient time for searching another unit before I would have to move out. However I am not sure how much compensation I am entitled to. I had taken unfurnished house and just bought furniture, TV etc, which has costed me around 6K.
Could you please advise on below:
- What should be the compensation?
- Can landlord force me to terminate tenancy, if I don't agree.
- What would have been penalties & money I would have to pay if the early terminal was from my side (in same scenario, with only 4 months into Tenancy)

Will appreciate your comments and suggestions in this matter.

Yankee
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Old 15-11-2011, 09:53 PM
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Cool

Since you signed a 2 years lease.

both parties are bonded to the contact for the whole duration.
Unless otherwise stated, any early termination.
(if tenant terminate the lease earlier will result 2month deposit to be forfieted).
(if landlord terminate the lease, deposit should be refunded, plus compensation of the pro-rated agent's fee if any, transportation and any losses that might have encounted from the tenant's point of view).

Both the owner and tenant's agent should be involved in the discussion
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