Renters should consider options after job loss

Q:I signed a one-year lease for a home last November, but lost my job in January. My unemployment benefits barely cover half the monthly rent, and what little savings I had are almost gone. My landlord says she is willing to release me from the one-year lease agreement, but that I would have to keep paying the rent until a new tenant can be found. What would happen if it takes a long time to find a new renter?

A:In most parts of the nation, landlords and apartment managers are legally required to make reasonable efforts to re-rent a home that is vacated by a tenant who breaks a lease.

The landlord probably can insist that you keep paying the rent until a new tenant is found. If you run out of money first, the landlord likely would need to take you to small-claims court in order to recover any shortfall in the rental payments — though many owners won’t waste their time to pursue a former tenant who clearly doesn’t have any cash left (especially if the ex-tenant leaves quietly and with the home in good repair rather than vigorously fighting the case and purposely trashing the place).

There are some other options. One would be to take in a boarder. Another would be to simply sublet the place to another tenant. Talk to your local rent-control agency or rental board.

Q:What is the difference between a general contractor and a subcontractor?

A:A general contractor is a professional who is hired to manage and oversee a new-construction or remodeling job. He or she then typically hires various subcontractors — one to install the plumbing, another for the roofing and so forth.

According to studies, owners who hire a general contractor rather than overseeing the work and hiring the sub-contractors themselves add between 20 percent and 30 percent to their overall construction bill.

Q:My aunt and uncle in New York asked me to serve as the executor of their estate several years ago (I agreed), and said that they wanted to leave their home to me when they passed away. My aunt died last summer, and my uncle wants to move to a retirement community in Florida. If my uncle sells the home and relocates, how will it affect the will that both of them signed many years ago? As executor, what do I have to do now?

A:Technically, you don’t have to do anything now, provided it’s a typical will and final testament. Instead, your duties as executor won’t begin until your uncle passes away too.

Still, you and your uncle have some practical concerns. He should revise the will to reflect any changes in his and your late aunt’s wishes. If your uncle sells his house without updating the will, you cannot inherit the property because the home would be owned by the new buyer.

Another issue: Should your uncle move to Florida and then die with an out-of-date will, his new home and other assets would have to go through the normal probate process — a system that could take a year or two and would certainly cost thousands of dollars in attorney fees and other court-related expenses. It would probably be better for your uncle to place the home and any other assets that he wants to leave you into a basic living trust. Consult an attorney or estate planner for more details.