South Carolina Notice to Lessee of Right to Exercise Option to Terminate
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How to fill out Notice To Lessee Of Right To Exercise Option To Terminate?
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FAQ
Keeping the rental unit reasonably safe and clean, Disposing of his or her garbage and other wastes in a safe manner, Keeping all plumbing fixtures used by the tenant clean. Using all electrical, plumbing, heating, air-conditioning and other appliances in a safe manner.
This provision is known as an option or options to renew. The lease will provide that if the tenant is up to date with rent payments and compliant with all the other terms of the lease then the tenant may take up the option to renew by providing a Notice of Exercise of Option to Renew to the landlord.
As long as the tenant does not violate any rules, they can stay until their rental period ends. However, a tenant can be evicted if they stay in the property even a day after their written lease term ends (and have not arranged for a renewal).
So you may not have to pay much, if any additional rent, if you break your lease. You need pay only the amount of rent the landlord loses because you moved out early. This is because South Carolina requires landlords to take reasonable steps to keep their losses to a minimumor to "mitigate damages" in legal terms.
You can only end your fixed term tenancy early if your agreement says you can or by getting your landlord to agree to end your tenancy. If your agreement says you can end your fixed term tenancy early, this means you have a 'break clause'. Your tenancy agreement will tell you when the break clause can apply.
If a tenant pays weekly rent, the Landlord may demand that the tenant move out only after giving the tenant at least 7 days written notice. In all other cases where there is no definite rental term, the landlord must give at least 30 days written notice that the tenant must move out.
What is a lease-option-to-buy? A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.
The lessor may get the possession of the property back. When lessee renounces his character or gives the title of the property to a third person. When the lessee is termed as insolvent by the banks, and if the conditions provide for it, the lease will stand terminated.
When the tenant exercises the option, he/she immediately acquires an interest in the property. However, the lease stays in effect until the purchase agreement is signed.
Under the lease agreement, the tenant could exercise an option by providing the landlord with written notice, via first class mail, of such election to exercise the option no later than 12 months prior to the expiration of the basic term or the then-current extended term.
