To Sublet or Transfer Your Condominium Lease

When circumstances change, and you need to move out of your apartment or home before your lease has expired, there are a few options to consider.

Sublet

The first, and perhaps most common, is subletting. When you sublet your house, someone new will undertake an agreement with you to pay the rent owed on your lease for the remainder of your duration. Another possible solution is to transfer your lease entirely, requiring the new exclusive condo resident to pay rent and a security deposit to the landlord just as you did upon moving into your apartment.

Subletting is often the preferred option because it’s an easy way to attract someone who may be looking for short-term leases without the hassle of a security deposit, a long-term lease agreement with a landlord, and all the hassles that go with signing a longer lease. Many college students prefer to sublet to those taking summer classes in an effort to maintain their lease agreement with their landlord over the summer without living there between May and August. Likewise, many summer students aren’t looking for a long-term rental contract. They simply want a place to live until their classes are over.

Subletting helps you move on from your current luxury condo kuala lumpur home, or hold it until the next academic year, without having to break your lease. Breaking a lease can be quite costly and can even damage your credit score, so it’s important to do everything in your power to stay in good standing and be a responsible tenant.

If you want to leave your current home behind entirely, or if you’re in a dire “must get out of lease” situation, the best option is to transfer the lease to someone else. This process is a little more involved than subletting; it’s important to be in contact with the person who is in charge of your lease, as they’ll know how to best proceed with the process. At the very least, you’ll need their permission to make the transfer official and final. It will likely involve the person who is entering into the lease to pay a deposit to the lease holder, as well as the first month’s rent. Some property owners also require the last month’s rent as added insurance.

Both options require finding responsible people to take over your agreement. For added peace of mind, it’s advisable to meet your subletter or the person who you are going to transfer lease to before they sign any paperwork and become official. Make sure that the person you’ve found is financially responsible, as well as financially solvent. Being employed is virtually a requirement, unless they’re a student with a source of income from their parents or student loans.

It’s important to remember that, in a subletting situation, you are responsible for the actions of your subletter. This includes financial issues as well as any damage to the condo damansara apartment, noise violations, or other issues that arise between your subletter, the property owner, and any neighbors in the area. If you’re uncomfortable with that thought, a lease transfer is a better idea. When you transfer the lease, you are released from all responsibility and liability for the property as well as any actions taken by its residents.

With a little attention to detail and diligent communication between all parties, the process of subletting or transferring your lease can be smooth and seamless. It’s relatively easy to do, and will keep your finances and credit on strong footing.

Leeanne

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