What Is a Sublet Vacancy?
A sublet vacancy is an open opportunity to take over a portion of another party's lease on some piece of property. This type of arrangement is known as a "sublease." Party rights in a sublease differ from those in a normal lease. Those with questions about a specific sublet vacancy should consult a real estate professional.
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Leases
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When a landlord rents to a tenant, they typically create an agreement known as a lease. The tenant becomes responsible to the landlord for rent, and the lease agreement defines other rights and responsibilities, such as how long the lease will last, expected maintenance of the property, the amount, if any, of a security deposit and any furnishings included in the lease. If either the landlord or the tenant fails to live up to the promises he makes in a lease, the other party can hold him liable for that failure.
Subleasing
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Sometimes in a lease, the tenant doesn't want to fulfill his full responsibilities under the lease. For instance, a tenant may sign a year's residential lease on an apartment and then decide, three months in, that he wants to move elsewhere. In such a case, rather than break his lease and be liable, the tenant may choose to sublet the apartment for the remaining nine months. Subletting gives away the remaining portion of a lease to a new tenant, but it doesn't entirely release the original tenant from his responsibilities to the landlord. Depending on the terms in the lease, a tenant may need permission from the landlord to sublet the property.
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Rules of Sublease
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Subleases do not necessarily have the same rules as the original lease. A sublease tenant -- known as a "sublessee" -- can make an agreement with the landlord, known as an assumption agreement, that makes the sublease governed by the same rules as the original lease. But short of assumption, in the typical sublease, the original tenant and the sublessee make their own sublease agreement. The sublessee is responsible to the tenant and vice versa. However, the agreement between tenant and landlord remains in effect; if the landlord doesn't get his rent, the tenant is still liable, not the sublessee.
Assigning a Lease
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A sublease doesn't release the original tenant from his responsibilities. If the tenant wishes to entirely remove himself from any responsibility under the lease, he can execute an "assignment agreement." Assignment creates a very different arrangement from a sublease. Such agreements transfer the entire remainder of the lease to a new tenant, who then becomes directly liable to the landlord.
Local Law
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No matter what language exists in a sublease, assumption or assignment agreement, many states and jurisdictions have laws that override certain provisions in such agreements. Such laws may require landlords to keep the premises in a certain condition, perform pest control and other duties. Local law will affect operation of a sublease.
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References
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