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Sublease

Sublease

The legal transfer of tenancy from an existing tenant to a third party for a predetermined duration is known as a sublet.

Generally, subject to applicable local laws and regulations, the real estate owner must approve any subletting proposal made by the first tenant.

Rent payments and other contractual duties continue to be the responsibility of the tenant even if they choose to sublease.

An agreement known as a lease is made between a property owner and a tenant that gives the tenant the owner’s rights to sole possession and use of the real estate property for the duration of the lease. The lease specifies the duration of the agreement as well as the monthly rent due by the tenant. The tenant’s legal right to possess the property is known as tenancy in law. When a renter sublets, they hand over a portion of their official tenancy to a new tenant.

Unless specifically prohibited by the first lease, subleasing may be arranged. However, in most circumstances, the tenant must notify the owner and get their approval before entering into a subletting agreement. The initial lease could provide control over the subletting procedure, giving the owner some degree of control over who uses and/or occupies their property.

Any tenant who sublets a property needs to be aware that doing so does not relieve them of their obligations under the original lease agreement. Rent and any repairs or damage to the property must be paid for by the tenant.

 

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