You, Mr. Landlord are pleased to find qualified tenants for your rental house. The man and woman sign a one-year lease on Tuesday.
On Thursday the male tenant contacts you and says they have changed their minds because his girlfriend thinks she sees "dead people" in the bathroom.
He expects you to cancel the lease!
What do you do, hire an exorcist?
No, you smile and softly explain... "Listen Bub, that was a legal contract you signed. It binds both of us to everything printed on those sheets of paper.... the laws says so, that's who!
And that's true... both parties must agree to break a legal contract... it can't be done unilaterally (usually). In this case the contract is the well prepared, solid gold lease.
Is your reluctant tenant on the hook for an entire year's worth of monthly lease payments?
It brings a tear to the eye of we hard boiled landlords... but he probably is not obligated to pay rent for the entire year.
Courts have ruled that the landlord has to make a good-faith effort to find a new tenant for the unit as soon as possible.
As soon as one is found the original crybaby is released from the contract.
The cost of renting to the new tenant can be deducted from the security deposit you collected from Mr. Crybaby. That includes advertising and a copy of The Grinch Who Stole Christmas you give him as a go-away gift.
About The Author -
Mark Walters is a real estate investor and author. His published works can be found at his web site... http://www.CashFlowInstitute.com
AP - Wall Street advanced cautiously Tuesday, as investors waded back into the market in search of bargains after Monday's big selloff, ever mindful of the health of the financial, retail and auto sectors.
AP - Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive.
AP - Walloped by the recession, automakers' U.S. sales are plummeting as hard-to-get credit, job losses and other stresses make many Americans wary of taking on big-ticket financial commitments.
AP - Thailand's prime minister resigned on Tuesday after weeks of protests closed the capital's airports, stranding 300,000 travelers. Protesters promised to lift their siege, and international flights were expected to resume Friday.
AP - A special Iraqi court sentenced Saddam Hussein's notorious cousin, "Chemical Ali" Hassan al-Majid, to death Tuesday after convicting him of crimes against humanity for his part in crushing the 1991 Shiite uprising in southern Iraq.
AP - Georgia voters had their hands on the balance of power in the next U.S. Senate as polls opened Tuesday for a runoff election, one of two unresolved races that Democrats need to win to get a 60-seat majority impervious to GOP filibusters.
AP - India picked up intelligence in recent months that Pakistan-based terrorists were plotting attacks against Mumbai targets, an official said Tuesday, as the government demanded that Islamabad hand over suspected terrorists believed living in Pakistan.
AP - Shaking hands with yourself is an amusing out-of-body experience. The illusion of having your stomach slashed with a kitchen knife, not so much.
AP - She did it again: Britney Spears was the most popular search term on Yahoo for the fourth year in a row her seventh time topping the list.
AP - Chris Quinn hit a tying 3-pointer with 7.1 seconds left in overtime, Michael Beasley stole the ensuing inbounds pass and made the decisive free throw, and the Miami Heat pulled off a wild 130-129 comeback win over the Golden State Warriors on Monday night.
Reuters - U.S. automakers rushed to submit restructuring plans demanded by Congress before lawmakers reopen debate on a $25 billion bailout the industry says it needs to survive.
Reuters - Thai Prime Minister Somchai Wongsawat was banned from politics for five years and his party disbanded on Tuesday, spurring exultant anti-government protesters to end their blockades of Bangkok's airports.
Reuters - The U.S. state of Georgia votes in a run-off election for U.S. Senate on Tuesday that will help decide whether Democrats gain a big enough majority in the chamber to ram through legislation virtually at will.
Reuters - European ministers sought to push lending banks back into action, Japan moved to help its cash-strapped companies, and global markets endured mixed fortunes as the financial crisis swirled onwards on Tuesday.
Reuters - Oil pared losses on Tuesday after an earlier fall to a new 3-1/2-year low below $48 a barrel, weighed down by heavy losses in global stock markets after confirmation that the United States was in recession.
Reuters - India demanded Pakistan hand over 20 of its most wanted fugitives as a sign of good faith, while both sides on Tuesday tried to cool tensions over the Mumbai attacks before a visit by Washington's top diplomat.
Reuters - The chances of a terror attack on a major city somewhere in the world using weapons of mass destruction are better than even, according to a task force mandated by the U.S. Congress, The Washington Post reported in its Tuesday edition.
AFP - Thai anti-government activists on Tuesday agreed to end protests that have paralysed Bangkok's airports, after a court stripped Prime Minister Somchai Wongsawat of his post and outlawed the ruling party.
AFP - Pakistan offered on Tuesday to work hand-in-hand with India to track down those responsible for the Mumbai attacks but declined to respond immediately to a demand that it hand over 20 terrorist suspects.
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