Lease agreements provide tenants the stability of leasing for a fixed term at a fixed cost. But a lease quickly becomes a burden if a tenant wants or desires to move out until the lease is up, or starts having problems keeping up with the rent. Sometimes the landlord will agree with an early lease termination, but, if not, the next best option is to rent the apartment to another party that will serve out the rest. When a tenant assigns part of his leased living space to somebody else, the resulting arrangement is known as a”sublease.”
A”lease” is a valid contract between two parties, wherein a man who owns property agrees to let someone else use it, generally in exchange for cash. The landlord that owns the property is known as the”lessor,” and the tenant who rents the property is known as the”lessee.” In tenancy lease arrangements, the property is a dwelling such as an apartment or home.
The term”sublease” means”poor rental.” A sublease is a valid contract exactly like a lease, in that it allows one person to use property that the other man controls, in exchange for the payment. The distinction is that a sublease occurs within the limits of an existing lease, and neither party to a sublease actually owns the property being leased –they’re both renters. The”sublessor” of the sublease is merely the first tenant, along with also the”sublessee” is the third party tenant (or”subtenant”) that will take over the occupancy of their property.
First Tenant Still on the Hook
When two parties enter into a sublease arrangement, all of the terms of the original lease still employ, the only distinction being that the sublessee takes over some of the lessee’s rights and responsibilities. Finally, however, the lessee is the one who’s in charge of the landlord for the terms of the original lease. If the sublessee breaches the conditions of the sublease arrangement –for instance, by not paying the rent and abandoning the apartment–the lessee is still bound to honor the conditions of the original lease agreement.
Limitations on Subleasing
Many lease agreements are composed by property owners or their managers, and include specific language restricting tenants from entering into a sublease agreement with third parties without the applicant meeting certain problems. This shields the the property owner by subjecting the would-be subtenant to the exact same screening process as the first tenant. If a lease states nothing about subletting, or states only that the tenant has to receive the owner’s approval, then the landlord may only deny a third party’s subtenancy request for just cause, such as poor credit.
Subleasing Part of a Unit
In some cases, the original tenant does not move out, but rather shares the property together with the new subtenant–like in the case of a two-bedroom apartment. Ordinarily, a new roommate would go onto the main lease, but additionally it is possible for the incoming tenant to rent from the first tenant by means of a sublease, instead of leasing from the landlord directly. These sorts of details impact the new tenant’s status in the event the first tenant moves out at a subsequent date.