This article covers the process for landlord-initiated lease terminations
If the Landlord seeks to terminate a countersigned lease agreement prior to the expiration of its natural term, that Landlord must first provide notice through the Alcove platform and discuss the termination with the Tenant.
Although lease termination requests by Landlords are rare, such requests by Landlords can significantly disrupt Tenant housing plans and undermine confidence in our community and platform. As such, if a Landlord requests to terminate or cancel a countersigned lease, or if the Landlord is found to be responsible for a cancellation of such a lease under this Policy, Alcove reserves the right to impose fees and other penalties. The fees and penalties set out in this Policy are intended to reflect the costs and other impacts of these terminations on tenants, the broader Landlord community, and the Alcove platform.
Alcove landlord cancellation policy:
If a Landlord seeks to terminate or cancel a lease agreement that has already been confirmed and countersigned, or if the Landlord is found to be at fault for a lease termination or cancellation according to our Policy, fees and penalties will apply. The fees are broken down as follows:
- A minimum Cancellation Fee equivalent to three (3) months of Total Monthly Payments is charged to the Landlord (tenant rent rate + platform fees).
- If the tenant has already made a payment for rent, the landlord is obligated to refund the rent amount within thirty (30) days. The Tenant will receive a full refund of the security deposit. These refunds are separate from the cancellation fee.
- The Tenant and Landlord have the option to negotiate additional payments and incentives in order to terminate the lease agreement (i.e. lease buyout).
If the Tenant and Landlord cannot come to a mutual agreement to terminate the lease, the Tenant has the option to take legal action through small claims court against the Landlord. If the Tenant is successful and receives a judgment in their favor, the awarded amount will be independent of any penalties or fees issued by Alcove.
What if my property isn't available on the availability date I provided?
If there are delays in the availability of the property due to closing, construction/renovation, or any other issues, and these delays occur within 2 weeks of the tenant's scheduled move-in date, the Failure to Deliver policy will be implemented as outlined in the lease agreement. If the delay extends beyond 2 weeks, this is considered a lease termination:
- Failure to Deliver: If the Landlord is unable to deliver possession of Premises on the Start Date, rent shall be abated on a daily basis until possession is granted. In all other respects, this Agreement shall remain in full force and effect and the term shall not be extended.