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Lease Buyout
A lease buyout is an agreement in which a tenant or landlord pays to break the lease for the remainder of its term. For example, if a tenant has a one year lease, but they need to move out after six months, they can agree to a lease buyout with the landlord to break their lease. The amount of the lease buyout is almost always less than the added cost of the rest of the lease. Landlords may also wish to engage in a lease buyout if they wish to use the leased property for other purposes. They might buy out a tenant's lease if they wish to refurbish a unit or live in it themselves. States and cities have different rules about the lease buyout process, so tenants and landlords should be familiar with local law before engaging in a lease buyout agreement.