Our son is returning to Seattle and needs a place to live. We would like to rent (or possibly sell) him our single family rental home. We are 4 months into a one year lease with the current tenants. Can we terminate the lease and allow our son to move in?
You cannot end you rental agreement any more than the tenant can end the rental agreement to move with the tenant's family.
You and the tenant have a contract with each other that apparently does not end for another 8 months.
You can ask the tenant whether the tenant wants to end the rental agreement. Perhaps the tenant has a new job far way. Perhaps the tenant is finding the rent too high.
You can pay the tenant to move out.
And here is another idea, since you are considering selling home to son. You might do that, and he can become the landlord. Creating an investment opportunity may be more valuable thatnproviding a roof over his head.
I recommend you look at your strategic goals holistically, with the help of an estate planner who specializes in family real estate transactions. Son should participate in the process.
I agree with the previous answers and you could buy out the lease, but I like Mr. Moss's suggestion better and it has more potential and less of the potential pitfalls.
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