Sublease
Candlefocus EditorWhen a tenant decides to sublease their unit, they must first review their existing lease agreement. Many leases include clauses that specifically address the rules and requirements of subleasing. The lease may include details such as the initial tenant's right to approve or reject any proposed sublet agreement, or a requirement to give the landlord or property management company product of any proposed sublease.
Once the initial tenant has identified the proposed subtenant, they must negotiate the specific details of the sublet agreement. The subtenant must pay the existing tenant rent during the period of the sublet agreement, as well as any additional fees due under the original lease agreement. The subtenant should also be provided with a copy of the original lease agreement.
When creating a sublet agreement between the existing tenant and the subtenant, there are several important details that must be included to ensure that both parties understand the arrangement. The terms must include the length of the sublease, the rights and duties of both the initial tenant and the subtenant, and an agreement governing the use of any common property or shared facilities. Additionally, any deposits or fees must be clearly defined in the agreement.
Moving into an existing sublease agreement can be a great way to save money on rent and housing costs. To ensure a safe and successful tenancy, it is important to thoroughly review the existing agreement and carefully negotiate with the existing tenant. Additionally, it is important to remember that even when a tenant is subleasing their rental unit, they remain responsible for all obligations stated in the original lease agreement.