4) Terms related to Breaking Contract
Those who haven’t read the first part of this series (landlord validity, currency devaluation, property liquidity) can check it out here. In this blog post, we will discuss about one of the issues that many people face when they rent an apartment in Vietnam. While there are many apartments that are designed for short stay from 1 night to several weeks or on monthly basis, majority of the rental options in the market only accept long term rent from 6 months to 1 year and more. As the normal practice of the market, tenant has to issue deposit (usually 1–2 month rent) to the landlord for long term contract and they don’t know how to get back their deposit if they want to leave their apartment in the middle of the contract.
Actually, there are many ways that you can do to protect your deposit when you want to break the contract (let’s assume that you don’t break any furniture because these fixing costs will be deducted from your deposit). I will give some suggestions that you can easily remember in your next negotiation:
Leaving with 1 month notice: negotiating the contract in the way that you can leave with 1 month notice in advanced. Usually, landlord of apartment and townhouse and villa won’t accept this. And if they don’t you can try to put a minimum time limit in the deal, something like after 9 months of staying I could move out with 1 month notice in advanced. This will properly increase your success rate of convincing landlord to accept the terms.
Leaving with a replacement: you can put in the contract the term that you can leave anytime during the contract if you can find a replacement for yourself. This term will be easily negotiated but some landlords may not accept it because they don’t want to handle the hassle of managing people out and in and all the work related to that. Landlord usually relies on agent to finish all these works, and it cost them money for that.
If you did not term some ways to exit the deposit in the middle of the contract duration, you can always ask landlord to get back the deposit when you want to move out. Although, most of landlords will decline the request, some of them may return 50% of the deposit for you if you already finish 70% of the contract. The better relationship you build with the landlord, the easier you can ask the deposit back with greater amount.
Other than that, you can use Hoozing system to find a new replacement and ask landlord to return your deposit. This is totally negotiable and achievable with Hoozing’s new program for tenant. We’ve helped many tenants to find new customers and claim back their deposit through Hoozing system. For more information please inbox Hoozing on our fan-page or chat directly with our executive on Hoozing.com