Sublease and Assignments

Sublease and Assignments

A sublease allows your tenant to lease out the premises to a third party and act as the landlord. In an assignment (often mislabeled a sublease), your tenant legally substitutes a third party who assumes all of the rights and responsibilities of the lease. In other words, the third party simply steps into the shoes of the old tenant.

  • Introduction to Real Estate Leases
    Residential real estate owners often focus on increasing the return on their investment. Purchasers are searching the market for income property, whether renting out a former home or leasing a multi-unit apartment building. A solid real estate lease can protect your investment by defining your...
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  • Tenancies and Real Estate Leases
    Most residential leases also include a description of the type of tenancy provided by the lease. There are some basic tenancies you should be familiar with: Periodic Tenancy: A periodic tenancy is the right to lease property for a set period of time. This can be month-to-month or year-to-year.
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  • Security Deposits and Real Estate Leases
    The Purpose of a Security Deposit As a landlord, you are entrusting your property to the care of a tenant, and many things can and do go wrong. The security deposit helps you cover damages, excessive wear and tear, unpaid rent or other unmet conditions of the lease. It also acts as an incentive...
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  • Pet Deposits
    A pet deposit is an additional security deposit to cover any damage caused by a pet. If a tenant causes damage (and it is NOT due to the pet), you generally cannot withhold the pet deposit and apply it to the damage. In some states, a pet deposit is an allowable amount over the maximum...
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  • Rent Due Dates
    Setting the due date for the rent is generally left to the landlord. Whatever you decide, it is always best to clearly state the due date in the lease. In many states, if the lease does not indicate a specific due date, state law will designate one. You may also want to indicate all...
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  • Designating Where Rent Will be Paid
    As a landlord, you have the right to decide how rent is collected. You could instruct your tenants to mail a check to your home or office or set up an on-site office where tenants can deliver their rent. Another option is to personally collect the rent by going door to door or setting up...
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