Subletting is a very common scenario in the rental market. It is another advantage of renting, that affords the renter a freedom of movement. You could have gotten a new lucrative job opportunity in another city and have to move before your lease ends or a student who has to do a semester abroad or simply do not want to share an apartment with your roommate anymore. In any of these situations, subletting is your friend.
What is subletting?
When a tenant adds someone else to the existing lease, in their place, it is called a sublet. Usually, it is an agreement between a tenant and another person or subtenant who will occupy the apartment temporarily and pay rent until the actual tenant returns to take possession of the apartment. In other cases, a tenant who cannot stay the course of the lease assigns the lease to another tenant and this kind of sublet is called “assignment”. In this case, the new tenant takes over the lease and continues as the primary tenant.
Rules of subletting
As long as you perform all due diligence required, subletting your apartment should be a breeze.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Tenantcube Inc. or its affiliates.
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