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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36982
Experience:  16 years real estate, Realtor. Landlord 26 years
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I have a question about a early termination lease buyout

Customer Question

I have a question about a early termination lease buyout proposal that was provided by my lessor. Legally I want to know by his agreement if I can apply as a reduction to his proposed buyout of $4500, the last month rent payment($1100) and security deposit ($1100). In his language he only states how much I am required to pay as part of the buy out and never mentions anything about the security deposit he is holding of $1100 and the last month's rent amount that is also $1100.Lease itself basically says he can do whatever he wants as far as early termination. So, I was thinking that letter supercedes the former lease agreement.
Submitted: 11 months ago.
Category: Real Estate Law
Customer: replied 11 months ago.
The lease buy out agreement attached. Based on his language, I was going give a check for $2300 instead of the full $4500. This would subtract out the security deposit he is holding and last months rent.
Expert:  Barrister replied 11 months ago.

If you have prepaid the last month's rent and you have already paid for August and will be out by the end of the month, then I would opine that you can include the last month's prepaid as part of the buyout money. And the security deposit can be used, but only if the landlord agrees as it is strictly for damages, late fees, cleaning, and delinquent rent. So if you vacate and there is $1000 in damages that have to be repaired, then if the landlord let you use the security deposit for the buyout, he has no money he is holding to pay for damages.

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So it is kind of unlikely he will agree to allow you to use the security deposit..

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thanks

Barrister

Customer: replied 11 months ago.
I am attaching the lease agreement. So based on your statement, the landlord would owe the security deposit if there are no damages regardless of the termination letter agreement? On page 1 of the lease it mentions the return on the security deposit but there no details about grounds for keeping it.
Expert:  Barrister replied 11 months ago.

So based on your statement, the landlord would owe the security deposit if there are no damages regardless of the termination letter agreement?

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Correct...no damages, late fees unpaid, cleaning costs, or delinquent rent... Then he would have to refund the entire deposit within 14 days of you surrendering possession to the landlord. This is under AZ law, Arizona Revised Statutes (Annotated) § 33-1321.

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thanks

Barrister

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