Posted by: Nick Fundytus

Question of the week:

What if I found my dream home while I still have months left on my lease?

I’m looking for a home, but I’m currently in a lease until March 2024. What happens if I find my dream home in October or in the middle of my lease?

Nick's Answer:

Generally speaking, you have a few options:

  1. Pay rent on your current place and your mortgage beginning on closing of your new home.

  2. Negotiate a closing on or close to the end of your lease.

  3. Negotiate with your landlord to end your lease early.

  4. Negotiate with your landlord to find a subletter or someone to take over your lease.

I’ll add that even if you find a home that closes close to the end of your lease, it’s generally a good idea to overlap the closing of your new place for a week or two with your current rental. This way you can take your time to move and clean both homes, and you’ll have a wider choice of dates to book movers.

Good luck on the search and the move!

Source:  I’m a Realtor in Ottawa, Ontario, Canada. 

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