If a guarantor is needed to release my apartment for next year, and they have not signed yet, am I able to cancel the lease without paying the cancelation fee
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If a guarantor is needed to release my apartment for next year, and they have not signed yet, am I able to cancel the lease without paying the cancelation fee
My landlord said I need a guarantor to sign in order to cancel the lease for next year and have to pay the $200 cancelation fee. If the guarantor has not signed yet, are they legally allowed to charge the $200 cancelation fee?
Asked on April 27, 2012 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I see no legal reason why you would need a guarantor to sign a document to cancel your lease unless you are a minor. Under most lease agreements the lease expires by its own terms or automatically renews.
I suggest that you carefully read the written lease that you are writing about to see who needs to sign what documents to cancel your lease assuming it has a term left. If there is a term left and you are leaving early before the total term to it expires and you have a guarantor as to it, then the guarantor should sign the release.
Most likely the lease that you have has an early cancellation fee of $200 if you want out of the full term early. If so, then you are contractually obligated for the $200 if you want to end your lease early. Whether the $200 fee for cancelling the lease comes into play if the guarantor has not signed the release yet comes into play depending upon what your written lease states.
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