Taking over or passing on a lease

Taking over or passing on a lease

Subleasing is basically when you get someone to take your lease for a predetermined amount of time, not to be confused with assuming a lease which is taking over the lease as a signee. Subleasing is what many do when they are going away for a while or when they want to bring in someone to share the house. They are not the lease holder but are responsible for payment for those months. As the lease is still in your name though, if the sub-leaser doesn’t pay the landlord can hold you liable.

Before you decide on anything, always make sure of what your lease allows as far as subleasing or assuming a lease goes. Usually requiring landlord approval and some other details, this is a good way to split costs or cover your rent while away.

Putting it in writing

When you find someone to sublease to you must first prepare a written agreement before anything else. It should cover a few key points:

• The amount of rent the sub-letter must pay each month and the rent due date
• The amount of any security deposit your landlord may require from the sub-letter
• All other obligations
• Duration of sub-lease agreement
• Consequences of breaking agreement

Other options to take

Your lease may allow someone else to assume it, this takes the responsibility away from you if you will not be at the residence. This allows for someone else to assume your lease under the same agreement, picking up where you left off. Make sure that when changed over, you are completely released from the lease in case of future issues and being held liable for other people mishaps.

You could always just cancel your lease, however this can often come with penalties which will require money or time at the very least.