Dear 100 Hour Board,
Suppose Bob and Jane decided to buy a house. Bob and Jane still had several months left on the lease for their apartment, but they'd found a good price and wanted to take advantage of the tax credit &c and so wanted to buy now. They attempted to sell their contract to someone else, but didn't find any takers. What would happen if they just moved out and stopped paying rent on their apartment?
- pippin galadriel moonchild
(who is neither Bob nor Jane but is highly curious)
They would probably get taken to small claims court and forced to pay the rent. They would also probably be reported to a credit agency, endangering their ability to get a mortgage.
If they broke contract, the lessor would pursue compensation as outlined in the contract itself, state law, and federal law. As obstreperous stated, their credit score would be more or less destroyed and it would make it extremely difficult to get any sort of loan in the future. Any loan that they did get would have higher interest rates.
In the end they'd end up paying far more than the original couple thousand dollars worth of rent. It's smarter just to pay it.