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A sublease agreement is a contract between the current tenant and the tenant who will be replacing them. It is used when someone is currently renting a home, but they want to rent it out to someone else while they are still in the lease.
Subleasing is often used when a tenant decides to find a roommate. When this happens, the original tenant is considered the landlord for the sublessor. Subletting property may mean the original tenant needs permission from their landlord.
There are many different aspects of a lease to consider when drawing up a contract, such as how much rent will be and if there are any additional fees for the subtenant. Try to include as much information as possible or have a lawyer look over your contract to ensure nothing is left out.
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When you rent an apartment or home, the length of the lease agreement is generally determined ahead of time, with the most common commitment being one year. Unfortunately, life can be unpredictable. Life events, both good and bad, can interfere with your desire or ability to maintain your tenancy for the full length of the original lease . It may be a new job that requires a move, a marriage or new baby that requires additional space or a summer away for a student rental. To avoid owing money for time you aren’t living in the housing unit or other legal problems, many tenants use a sublease agreement, also known as a sublet agreement.
What is a sublease, or sublet agreement? Basically, when an individual signs a lease, they are promising to live in the unit and pay rent for the entire term of the lease. Many leases, however, allow for a sublet agreement when needed. With a sublease agreement, the original tenant finds someone else to fulfill the terms of their lease. For instance, if a student is leaving town for three months during summer break, he or she can find someone who wants to live in their apartment and pay the rent during that time. The original tenants can use a free sublease agreement form to make the situation legal binding and protect themselves.
Why do original tenants need to use a sublease agreement template, instead of just handling things informally – through an oral agreement? Many tenants could likely tell you the nightmare situations that can occur with informal subletting, with the original tenant finding themselves on the hook for damaged property and unpaid rents. Oral sublease agreements are difficult, if not impossible, to legally enforce. Even in situations where the tenant and new tenant are good friends or family, misunderstandings can occur. Filling out a sublease agreement template with detailed information about the sublease terms can provide clarification and accountability for both parties . Keep in mind you remain legally responsible for the full rent or any damage the subtenant causes (the landlord can't enforce any of the lease provisions against the subtenant). In a worst-case scenario, the subtenant might refuse to leave when you return, forcing the landlord to evict both of you. To protect yourself (again assuming you have your landlord's permission), prepare a clear written agreement with the subtenant specifying key terms such as rent, length of the tenancy, and security deposit.
When filling out a free sublease agreement form, what information should you include? A sublease agreement template will require information from the original lease and the terms of the sublease. It should also include the amount of rent that the subtenant will pay, which may be more or less than the original lease agreement. The original tenant, however, will likely be responsible for any difference between the original rent owed and the amount the subtenant pays. A solid sublet agreement will also address utility payments, security deposits and any applicable insurance the subtenant is required to have.
Sublease agreements are an extremely helpful legal remedy for people who need to move before the end of their lease period. By using a sublease agreement template, both the original tenant and subtenant can solve their residency problems in a legally binding and satisfactory manner.