- 1 The following people can actualize a residential sublease;
- 2 The basic components of sublease agreement are;
- 3 Moreover, following types of properties can be subleased;
- 4 The process of Subletting:
- 5 Conclusion:
A sublease agreement template is a pre-formatted draft that you can use to make a sublease agreement. A sublease agreement is a legal agreement between a tenant and a sub-tenant. This agreement is made when tenant rents a residential space for a specified period. The original tenant can vacate and rent out rented space without breaching the initial lease agreement payment terms by subleasing.
The subtenant pays the property rent but tenant is still responsible to pay rent to the property owner. However, it depends on tenant whether he sublets part or an entire residential space. State and local laws might be permitted subletting. Before subleasing, sub-lessors has to consult with the master lease and states laws as subleasing without permission is penalized by eviction.
The following people can actualize a residential sublease;
- Landlord: he is the property owner and referred to as a master lease since it leases the space to the tenant.
- The tenant: an individual who enters into a residential lease with the property owner. He signs a sublease agreement with a third party.
- Subtenant: he is the one who enters into a sublease agreement with the tenant.
The basic components of sublease agreement are;
- The tenant and subtenant personal information
- Property address
- The number of occupants
- Rent and utilities
- Security deposit
- Additional terms
- Inventory checklist
Moreover, following types of properties can be subleased;
- Storage spaces and garages
- Basement suites
- Mobile home
The process of Subletting:
Let us discuss step-by-step that how one can sublet their rented space in compliance with the law and existing master lease;
Read the master residential lease agreement thoroughly:
At first, the tenant should read the master residential lease agreement completely. A master lease can be to prohibit subletting on the basis of state of residence. Before identifying that subleasing is the best alternative for the specific situation, you should ascertain what is stipulated in the master lease.
Check the concerned state laws:
Next, the tenant should consult with local and state laws to know whether they allow subletting or not. To make sure subleasing is legally executed, state landlord-tenant laws have specific requirements. Furthermore, sometimes master lease has prohibited the sub-lessor from subletting while state allows subleasing at the same time. So, you should check both the master lease and the state laws.
Approval from landlord:
When it comes to subleasing, landlord permission is important. You should send a 30-day notice to the landlord that informs him that one’s intent to move out and sublet is recommended. The notice should include the reason for moving out, duration of absence, and written consent from roommates. You can also ask permission from the landlord if the master lease has forbidden subleasing. You can let them know the urgency and need for moving out.
Estimation of the apt price:
When tenant gets permission for subletting then the next step is to decide the right amount to charge the subtenant. When setting the rent price, care and caution should be taken. Also, there are laws that govern subleasing rental rates.
Find the right subtenant:
The next step is finding potential subtenants. It can be a bit time-consuming because it involves applications, interviewing, negotiating, and selection of a subtenant. Your friend and relative as a sublease is the simplest option.
Show the property:
It is the responsibility of the tenant to show the potential subtenant the property to identify if it meets their expectations.
Negotiation is the final step and should be taken place before the sublease agreement can be prepared. It includes the following factors;
- Employment history
- Rent pre-payment
- Security deposit
- Landlord history
In conclusion, a sublease agreement template is a legal document between a sub-lessor and a sub-tenant. The implementation of the sublease depends on certain conditions and it needs attention in order to successfully execute it.