What is Sublease? 5 Importance Steps You Should Know

Introduction:

A sublease is also known as sublet. It is a contract made between a tenant and another person. In this contract, the person can live in the rented apartment while the name of the tenant exists on the lease.

The previous original tenant is called the sublessor while the new tenant is called the sublessee. During subleasing, only the name of the original tenant remains on the lease. Whereas in the scenario of renting out a room, all the names of tenants are present on the lease.

5 Important Steps to Sublease an Apartment:

There are varying reasons why a person chooses to sublease an apartment. Oftentimes one has to move out from the apartment before the lease term ends. Other times, a renter has to go out of the city for a long period of time.

By subleasing the apartment, the tenant is given the security of not breaking the lease. Moreover, money is saved as well if they have to come back after a long time. The steps involved in the subleasing the apartment is given below.

1) Be sure that you are allowed to sublease

This is the most confusing task. It can be difficult to determine whether a person is allowed to sublease. Laws differ depending on the state and municipal level.

Moreover, the landlord might have a clause regarding sublease written in the lease agreement.

This is why it is so important to make sure that a person is legally allowed to sublease an apartment. Therefore, read the lease and rental agreement in detail.

Search the document and see if it says something about subtenants and subleasing. Oftentimes, landlords do not want the entry of another person apart from the vetted tenant in their property.

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Some landlords reject the request for sublease even if the state and municipal laws give the permission. In such a case, the landlord can be taken to the court. But if the reason behind their rejection is fair, then you are not legally allowed to sublease.

If there is no such clause in the lease, still inquire the landlord regarding the matter. If the permission is granted, make sure to write it down.

2) Check the Insurance Company of the renter

The insurance of the renter backs up in the case of theft or liability limits with injuries. An Insurance company can even cover the living expenses during sublease. So check the insurance company of the renter before subleasing in

order to determine if the subtenants are covered by the insurance. In case if the insurance does not cover subtenants, the person has to take out the belongings from the apartment.

This measure protects the person from covering the expenses of possible damage to the house on the hands of the subtenant. This is important because of the security deposit which is paid by the original tenant.

This means that in the case of damage, the original tenant will have to pay.

3) Post the sublease and market it

Think of an attractive sublease advertisement. Add in high quality pictures of the apartment, rent cost and list of amenities. In case if the original tenant has any roommates, it should be mentioned as well.

Give out all the details of the apartment. This will bring in more possible subtenants. The landlord can also be asked for help in this matter.

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4) Interview Potential subtenants

After receiving offers, arrange an “open house” for the potential subtenants. The original tenant should show the apartment and make the willing subtenants write an application. Afterwards, carry out background checks on them.

Ensure none of them have a history of crimes, evictions or not paying rent. This will save the tenant from a lot of trouble.

5) Sign a sublease agreement

After picking the ideal sublease, make the person sign up an agreement. The original tenant should search for templates of sublease agreement on the internet. Customization can also be done to these templates.

Moreover, ask the landlord regarding this matter and take advises or any help. The landlord can add a clause or omit one. After the signing of the sublease agreement, get the payment. Now the apartment has been subleased.

Conclusion

Subleasing has a lot of advantages. It gives the original tenant the freedom to travel anywhere anytime. It can prevent the breaking of lease no matter if the tenant is moving away or going on a vacation.

Without the presence of subleasing, the history of renter and fine can be caused by the breakage of lease.