Sublease vs. an Assignment of Lease

Sublease vs. an Assignment of Lease thumbnail
If you leave your apartment, you can take steps to avoid getting stuck with the rent.

Nobody wants to pay rent on their apartment when they're no longer living there. If you're studying in Europe for three months or taking a permanent job across the country, an apartment lease can be a millstone around your neck. You may be able to solve your problem if you sublease your apartment to another tenant or assign someone else the lease.

  1. Types

    • When you sublease, you transfer some of your rights to the rental to someone else. An example, according to the website RealEstateLawyers.com, would be allowing the "sublessee" to live there for three months while you're on summer vacation. An assignment transfers all your rights to the rental: you're moving out and the "assignee" takes over the lease in your place.

    Misconceptions

    • Relocating for work does not give you the right to break a lease, though many tenants believe otherwise. You're liable for the rent until a new tenant moves in, though most states require the landlord make a reasonable effort to re-rent the apartment after you go. Some state laws provide exceptions, for example, for military personnel transferred out of the area where they're renting.

    Rights

    • You have the right to sublet your rental, the website Tenant.net states, even if your lease says otherwise. In many states, the landlord can refuse if he cites a valid reason, such as the sublessee being unable to afford the rent. The landlord can refuse, however, to let you assign your lease.

    Warning

    • Finding a sublessee doesn't change your relationship to the landlord. According to RealEstateLawyers.com, you're still the official tenant and legally responsible if the rent isn't paid, so make sure the sublessee can be trusted to pay it. Assigning a lease makes the assignee the new tenant, but if he fails to pay the rent, the landlord can still hold you liable. The Nolo.com legal website recommends you get the landlord to sign a Consent to Assign statement that will protect you if the assignee fails to pay.

    Considerations

    • If your stay away from the apartment ends early, you can return and send the sublessee off. If you assigned the lease and want to come back, you're out of luck: the assignee has every right to stay in the apartment in your place.

Related Searches:

References

Resources

  • Photo Credit Jupiterimages/Creatas/Getty Images

Comments

You May Also Like

  • Lease Vs. Sublease

    Leases are the agreements between landlords and tenants, in which the two parties decide how long the tenancy will continue, rules during...

  • Sublease Rights

    In a sublease relationship, there are three parties: the landlord, the tenant (known as the lessee), and the secondary tenant (known as...

  • Month to Month Sublease

    A tenant and landlord usually make an agreement called a lease, which identifies each party's duties in the landlord/tenant relationship. However, the...

  • Subletting Tenants Rights

    When a landlord rents to a tenant, they create an agreement known as a lease, which includes all landlord-tenant rights and obligations....

  • Apartment Lease Vs. Month to Month

    When you move into a new living situation, you are often asked to sign a lease for a specific period of time,...

  • The Difference Between Sublet & Rent

    When a landlord rents to a tenant, the two parties create a legal relationship known as a lease. Subletting, in which the...

  • How Do I Get Out of My Lease in Alabama?

    There are many different legitimate reasons for someone to break a lease. If you find a new job or must leave the...

  • Sublet Agreements

    Subletting involves a tenant renting out the property to another person, known as the sublessee. Before you sublet your property, you need...

  • Subleasing Agreements

    A sublease agreement is a contract between a current property tenant (the "sublessor") and a third party (the "sublessee") in which the...

  • Lease Vs. Renting an Apartment

    When you are looking for a place to live but do not want to or cannot buy a home, renting or leasing...

  • Sublease Clauses

    In a sublease, a new tenant occupies space under an existing lease. The tenant on the lease remains liable for the obligations...

  • The Definition of Sub Lease

    Landlords ("lessors) and tenants ("lessees") make agreements known as leases, giving each party contractual duties over the life of the lease. However,...

  • Sublease Information

    A sublease occurs when the lessee of a property rents the same property to a third person for a time period that...

  • How to Assign a Lease Option Contract

    A lease option contract can be a viable option for both the seller/landlord and tenant/buyer. The seller, as a landlord, has sufficient...

  • How to Assume a Lease

    Assuming a lease is the act of taking over an existing lease from a tenant who is unable to meet the leasehold...

  • How to Get Out of a Commercial Rental Lease

    There can be a number of reasons for needing to break a commercial lease. Maybe your business is taking off and you...

  • Standard Sub Lease Agreements

    State statutory and common law make up the bulk of the rules for the rental of commercial and residential property, including subleases....

  • How to Word an Assignment of Rents

    In a nutshell, an Assignment of Rents is a legal document designed to revert rent payments from your tenant to the "true"...

Related Ads

Featured