A sublease agreement is when someone takes over the obligations of a lease from the original tenant. It is common in real estate, but some leases prohibit it. The original tenant remains liable to the landlord, and the new tenant only has the rights of the original tenant. The sublease agreement may need approval from the landlord.
A sublease agreement is an agreement between an original tenant in which someone else assumes his or her obligations under the lease. Such arrangements are common in real estate when an individual rents an apartment. In some circumstances, there are limitations on the possibility of a sublease in the original lease.
A lease is an enforceable legal agreement that governs the relationship between a landlord and a tenant. It usually specifies the amount of rent that the tenant must pay and other terms of the lease, such as prohibited behavior. It also specifies the period of validity of the lease; if the tenant attempts to terminate the lease early, he may be subject to financial penalties equal to the amount of damage caused to the landlord as a result of the breach of the lease.
When an individual needs to vacate an apartment or other leased property early, they may wish to find a tenant to take over their lease. This can help him avoid the penalties associated with leaving the lease early. When finding a tenant to take over the lease, they often need to get approval from the original landlord. Some original lease agreements prohibit subletting to protect the landlord from relocating a tenant that he has not personally approved.
In situations where a sublease agreement is permitted, the agreement is usually between the original renter and the new renter. In other words, a new lease agreement is not created between the landlord and the new tenant, and the existing tenant remains liable to the landlord if the subtenant breaches the agreement or fails to pay the money owed. The new tenant will only be entitled to the rights of the existing tenant from whom he is subletting, and the term of his lease will expire upon expiration of the original lease; the sublease agreement must specify all applicable terms.
A sublease agreement may need to be approved by the landlord who owns the property, although the legal contract is between the new and old tenant. The person subletting his apartment can thus enforce the legal terms of the sublease agreement, suing the person who breached the contract he had, but the original landlord would be relegated to suing only the original tenant since the landlord is not a party to the new agreement.
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