Q: Home renter, 1/2 way through 2-yr lease. Owner breaking lease to redevelop property. What's fair compensation?
Is the cash value of the remaining lease a reasonable demand? Do I have legal rights to anything specific?
Lease does not contain any provision related to the owner breaking the lease, but does say, "If Tenant vacates before the term ends, Tenant will be liable for the balance of the rent for the remainder of the term." Is the inference that the opposite is true, as well? If the owner breaks the lease is he liable for the value of the lease to the end of the term?
A: Does the lease provide for an early termination? If it does, is there a provision that refers to the amount of compensation from one party to another for the early termination? If there is not a provision in the lease, then either the parties to the lease will need to amiably resolve the issue of fair compensation or a judge will need to make a determination. If it goes to court, each side in the dispute will be required to have an appraisal of the fair value to support that side of the claim. The other avenue of approach is to seek mediation so that a trained mediator can hear the facts and make a decision, which should be binding on each side of the dispute.
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