The tenant lease termination policy states: Roommate hereby agrees that any notice of termination submitted shall not be effective until the final day of the initial term. Consequently, regardless of the duration of the notice provided by Roommate, termination of this Lease Agreement shall not occur prior to the last day of the initial term, unless Landlord specifically consents in writing via a separate signed instrument. The Roommate shall not attempt to sublease or transfer their rental agreement. The Roommate is required to follow all terms and conditions of the lease until the date of cancellation, including termination obligations.
Alcove's Policy
The default policy in accordance to local law and the lease is as follows:
A tenant may choose to terminate their lease with the understanding that the lease is valid and live until a replacement tenant of a comparable lease has been acquired.
The tenant or landlord always has the right to default to the lease and state law, acquiring a roommate replacement. As Alcove conducts the compensable work to acquire the replacement, a tenant is not required to pay supplemental compensation for related damages for the replacement. The landlord does have the right to compensation of property damages over normal wear and tear once the tenant has vacated the property.
Alcove's Termination Fees May Apply
The tenant agrees to pay for Alcove’s lease cancellation fee of two (2) months of platform fee
In addition, any outstanding charges to the Housemate will have to be paid before the agreement is terminated. The charges are separate Alcove's lease termination fee.
NOTE: The Alcove platform fee is separate from any negotiations between the landlord and the tenant, and is non-negotiable by Alcove.
Tenant - Landlord Agreement
The tenant has the option to start a resolution case through Alcove, and the landlord can agree to a lease cancellation that deviates from the terms of the lease. To come to an agreement, both the tenant and landlord should communicate through the resolution center and reach an understanding on Alcove's platform.
For tenant's, this process be started in your 'MyAlcove' portal -> under 'Move out options'.
After both parties accept a proposal, additional documentation will be sent for signing and agreement. Terms may include:
- Upfront, one-time lease termination payments
- Notice Period
Example #1 (Upfront, one-time payment): The landlord and tenant agree a replacement does not need to found, but an upfront compensation of replacement will equal two months rent and the security deposit amount.
Example #2 (Notice Period): The landlord and tenant agree a replacement does not need to be found, but the lease will end in 3 months time, where the tenant will continue to pay for the lease every month until the new termination date passes.
Both the tenant and the landlord must come to a mutual agreement on any terms that deviate from the lease or Alcove's policies via a separately signed instrument provided by Alcove.
Lease Termination Requests with 2 Months Remaining
Furthermore, any requests to terminate the lease with less than 2 months remaining cannot be processed. However, you are free to move out of the home whenever it is convenient for you. Please note that you will still be responsible for paying all remaining rent payments as per the terms of the lease agreement.