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What about my existing lease when buying a new home?

If you’re considering purchasing a home you most likely are leasing a home or apartment now. One of the first steps will be to review that lease. Determine how much time remains. If you’re within 3 months of the end of the term, then you should move forward and attempt to find a home and close on it when your lease is up. If your lease is up before it is practical to find a home, then contact your landlord and ask if you can continue to live there month to month. If they agree, make sure to get it in writing. Also be sure to give the proper 30 or 60 day notice that will be required by the landlord.

If the lease you signed is not set to expire for an extended period you may have other options. Oftentimes the lease will provide you an exit if you are purchasing a home. Review your lease closely to see if you have this right. If all else fails, contact your landlord to see if they would consider letting you out of the lease with say a 90 day notice. It never hurts to ask!