What to do if I am 20 years old and have signed a 12 month lease that I am looking to be released from?

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What to do if I am 20 years old and have signed a 12 month lease that I am looking to be released from?

My leasing agreement requires me to have a parent co-sign my lease, which never happened. Could this be a loophole for me to get out of my lease without having to pay a significant fee or find someone to sublet?

Asked on September 26, 2012 under Real Estate Law, Indiana

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The fact is that having a co-signer was a term of your lease that your landlord could waive (not you) since it was for their benefit. Therefore, your lease constititutes a binding contract. Accordingly, you are bound by its terms. And in this case it looks as though you will either have to find a suitable subtenant to take over you lease obligations or pay the termination fee impoed by your landlord.

eric redman / Redman Ludwig, P.C.

Answered 8 years ago | Contributor

you are liable for damages if you break the lease.  does not matter about the co signor.  if you have more debt you could do a chapter 7 bankruptcy and eliminate it all.


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