Union Real Estate Early Termination of Lease Policy

We understand that unforeseen circumstances may arise, necessitating the early termination of your lease. Union Real Estate offers The Early Termination Policy for your convenience.

The relevant lease clause:

Tenant may end this Lease and move out of the Property before the End Date of the Lease or any Renewal Term only with written permission of Landlord, and only if:

(A) Tenant continues to pay all rent until the End Date of the Lease, or any Renewal Term, or until a new tenant is approved by Landlord and a new lease takes effect, whichever happens first,

AND

(B) Tenant gives Landlord written notice, AND

(C) Tenant pays Landlord a Termination Fee of $250.00, AND

(D) Tenant has vacated Property and removed all persons and personal property by or before the termination date.

Basically, you would pay the $250 fee and then continue to pay rent on your apartment until a new tenant was found and their lease term starts, at which point your responsibility would be terminated.

Pro-tip: In order to have the best chance to find someone to re-rent your apartment we recommend two things:

1. Give us notice as early as possible -- The sooner we are informed, the more time we have to market your unit effectively. While we cannot guarantee a lease termination for a specific timeframe, early notification enables us to maximize exposure to potential tenants and expedite the marketing process.
2. Make every effort to personally market the property by reaching out to your network of friends and colleagues to inquire if anyone is seeking an apartment. If you come across an interested party, you can direct them to reach out to your leasing agent directly for further inquiries and assistance.

Here's an example of the termination process:

Suppose you had a lease that ended in December, but you needed to move in October.

In July, you reach out to your Leasing Agent to initiate the Early Termination Fee and pay the Early Termination fee of $250.

• "I will be vacating my apartment on August 30 and request that you re-rent my unit and terminate my lease."

Once we receive these items, we will start to market your property for rent. 

Under these circumstances, the best-case scenario would be that we find someone who wants your apartment for October 1st. We would still market the apartment until a renter is found, even if it should be the following month. The worst-case scenario would be that we are unable to find anyone to rent your apartment before your lease end date, meaning you would have to pay the rent through the end of your lease.