Posted by: Nick Fundytus
Question of the week:
What if I found my dream home while I still have months left on my lease?
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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:
Pay rent on your current place and your mortgage beginning on closing of your new home.
Negotiate a closing on or close to the end of your lease.
Negotiate with your landlord to end your lease early.
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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