I live in Greenfield, IN and because of a recent (dramatic) pay-cut for both me, and my fiance, we don't think we will be able to afford next month's rent. It is over $700 a month, and we are barely making $600 between the two of us. I do however have a small trust fund from my grandfather (about $4000). However, his will states that I can only use to to buy a house, pay for college, or when I have a child. I'm not in college, and not pregnant. I have heard that I could legally break my lease if I bought a house ($4000 can get me a small, but reasonable house). Is this true? And if so, how many months notice do I legally need to give?
Contracts / Agreements Lawyer
You cannot break the lease and not be liable for the remainder of the payments. Talk to your landlord and see if you can work something out.
Breaking the lease then trying to buy a home is just going to stretch your limited income that much tighter. Even more so if the land lord sues you for the remainder of the lease.
This all assumes you have a written lease for a set time, if you don't you are a month to month renter and can leave with a month's notice and you will not be liable for more than that month. Again, talk to your landlord and see if you can work something out. Buying a house to solve your income problem is not a good idea.
Consult with an attorney to confirm.
3 lawyers agree
Criminal Defense Attorney
Your lease is a contract. If you break it for a reason that is not allowed by the contract, you have broken a contract and can be liable to the landlord. You need to take a close look at your lease. Is there anything there that gives you an out? Even if you can't get out of your lease, there may ways to negotiate with the landlord and get out of the lease by a mutual agreement. If you'd like to call and set up an appointment, I can review your lease for you and let you know some of your options in more detail.
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