A lease agreement is mainly signed between the landlord and tenant, but things might change due to certain situations and incidents. Due to various reasons, prospective renters may handle the responsibilities and ownership of the lease from the current tenant. Depending upon a lot of factors, it may be possible for a new tenant to take over this rental contract. The tenant presently living might want to relocate someone else, and one way of legally getting out of a lease is to find someone willing to do a lease takeover with you. Now, even this procedure would require an agreement, and this process must be carried out very carefully. Please visit this website for more info about free printable lease agreement.
Here are certain things that one must know while carrying out the residential lease agreement takeover process.
The consent of landlord is required
The most important aspect of lease takeover is the consent of the landlord. There are some countries and states that have certain laws regarding the say of the landlord is the lease assignment, and that can give him the right or even limit it. Thus, before going ahead, one must check the laws in your state to find out what rules apply in your particular situation. As the original lease agreement was signed between you and the landlord, if he doesn’t agree to the lease takeover by the new tenant, then you continue to remain liable under his terms and conditions.
Know in details about a sublease
Renters commonly define the process of handing over control of a rental lease by the term sublease. In the situation under this, the new renter lives in the property, still legally contracted by another tenant who chose not to stay there anymore. The sublease can have a time period, and last for days or months and even years. The individual choosing to enter the sublease would likely pay the original tenant for the terms he has agreed upon. But, the sublease does not relieve the original renter of the lease obligations to his landlord.
Lease takeover should be carried out in writing
If you think about entering into a lease takeover process without any written record, you are committing a great mistake. The written assignment of lease should mention the term and conditions under which someone is taking over your lease can act as valuable evidence in future, during any sort of dispute.
Last but not the least, while carrying out the whole takeover; make sure to consult a good attorney to avoid any sort of legal complications or hassles.
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