If break lease &owe no rent (lg. security dep. pd in 1st yr to be used in last yr rent), can we collect rent?

We plan on moving our business to another state, and would like to break the lease in the last year. In this last year we do not owe any rent to landlord due to payment of large security deposit paid in first year which can be used towards our rent and cam in last year. Is it possible to collect rent from new tenant and keep said money for ourselves?
In Leasing Property - Asked by Marjorie H. - Jul 23, 2017
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Answer(s)

R. Burt N.
Owner/Investor
Santa Clarita, CA

If there is a clause in your rental agreement allowing for subleasing then you would have to find a temporary tenant at your own risk. It would be good if they would qualify for a permanent lease with the landlord. If the rental is within California, a little-known fact is that it only requires a 30 day written notice regardless of the length of the lease that you will be vacating and then you will be responsible for the rent due between when you vacate and when the new tenant takes possession. However, if you work with your landlord it may work out for the both of you to save some money and a bit of grief in the transition.

Jul 24, 2017
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victoria t.
Owner/Investor
Centerville, FL

we can collect rent, needs to have one month deposit, one month security and one month advance rent, up front of $7,500. tenant pay triple net,
the rent is at $18.10/ sf , the size of building is 1658 sf

Jul 24, 2017
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Lynn S.
Broker/Agent
Columbus, OH

If you break your lease and there if is additional time (term) left on the lease you may be liable for any rent owed on that lease. If the landlord re-leases the space he may not be able to charge you rent for the same period of time unless it was leased for less than the amount you were paying. You may also be liable for fees the landlord incurred to lease the premises (i.e. brokerage fees). It is best that you consult an attorney to see what your obligations are (were). Even better you may want to negotiate with the landlord to "buy-out" your lease or make some other arrangement with the landlord.

Jul 25, 2017
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