Benefits of a Sublease Agreement
by, 07-07-2012 at 03:12 AM (1165 Views)
Subletting can provide lots of benefits besides just the typical roommate situations. If you're going to sublet, the original tenant basically forwards the lease on to their room or entire apartment or their portion of the inner dwellings of the house to a second tenant. This is a common way to lowering costs for rent.
Landlord tenant law is something that most people get involved with at some point during their lives. For this reason, subletting comes up a lot, and when doing a sublease, the original tenant typically has reasons to lease their space for a specific portion of time, such as for a summer while they do an internship, while they travel, or to finish off their original lease time period. It offers the new subleasing tenant a living space with accommodations for a room for a time period and lets the original tenant come back to the same space after traveling.
Before doing a subleasing agreement, choose whether the original lease signed by the original tenant lets this happen. Some do not allow this, and even if it isn't forbidden in the lease agreement, it's a good idea to contact the property manager or owner and describe the situation. Doing this will make subleasing a safer process and not risk a disagreement if the landlord's approval wasn't sought.
Because their own name is still on the original lease, the original renter should absolutely obtain a credit score, as well as other background information including references so that it's clear they'll be able to make the rental payments and you won't get stuck with the payments and have to come home early from your trip or internship. It will also help you not get your credit dinged in unfortunate situations.
Once these details have been confirmed with the new tenant who will be subleasing, obtain a contract for sublease. It's an important thing to make sure agreements are signed and set forth clearly so that new legal problems don't arise causing problems which cannot be addressed well later. Note the beginning and ending period for the sublease as well as clearly notating the current situation and condition or state of the dwelling to make sure that there are no questions regarding this when the sublease ends.
Clearly stipulate monthly rent, dates for payment, as well as outlining penalties for late payment or nonpayment entirely. Outline the security deposit and include specific amounts of rent and responsibilities for utilities and other incidentals of renting in this location such as water bills, garbage bills, phone, internet, etc. Clearly line out whether pets are allowed and make sure they also are clear regarding parking their vehicles as well as any other custom allowances.
Declare in the sublease that the original stipulations from the initial contract between you and the landlord remain in effect throughout the entire sublease period. Once the agreement is clearly prepared, get notarized signatures from the new subletting renter, as well as your own signature and that of the original property manager. All parties receive copies.