RENT OWN SELL
Newyork
RENT OWN SELL
Newyork
Life doesn’t always unfold exactly how we plan, and there may come a time when a tenant has to walk away from their apartment before the lease term ends. Federal law permits active military members and other security personnel to break a lease without financial penalty when it’s done due to their being called to an official assignment. Tenants may also break their lease if it’s due to certain health reasons.
One way to avoid paying hefty fines for breaking a lease is to transfer the lease to a new tenant. Regardless of the circumstances around why you may no longer be able to remain in your apartment’s lease agreement, it is better to transfer the apartment’s lease than to break the lease altogether.
A lease transfer is a process in which a new tenant takes over a departing tenant’s current lease with the landlord’s consent. This is different from a sublease where the original tenant is still held responsible for anything that the new tenant does or doesn’t take care of. On the contrary, the former tenant is no longer responsible for anything related to his former apartment in a lease transfer.
Consider the following steps when you need to transfer an apartment lease to a new tenant:
By law, you are bound to the terms and conditions incorporated in the lease, including how and if you can break it before the lease term expires. So, before you transfer your lease, read the lease to see under what circumstances you can leave without penalty. Do you have to pay any upfront costs to get out of your lease early? Will you lose your security deposit?
The best-case scenario is if the lease agreement states that the tenant has to pay the rent until the landlord finds a new tenant. In this case, the tenant is no longer responsible for anything related to the apartment after they vacate the property. There can also be a scenario where your landlord asks you to pay an amount upfront to break the lease without having to worry about transferring the lease to someone else.
However, what if your lease doesn’t explicitly address breaking the lease, or the language in the agreement is written in such a way that it suggests there’s no way out. Ask your landlord to agree to a 30-day vacant notice and terminate the lease. If he or she agrees, be sure you get the agreement in writing.
Once you review the lease and become familiar with the terms related to the lease transfer apartment, it’s time to talk with your landlord. Discuss the clause in the lease and see if there’s an easy way to get out of the agreement. Your relationship with your landlord will be key here. If you have a strong credit history with your landlord, chances are he or she will cooperate with you.
Finding a tenant is exhausting–that’s why landlords don’t like the idea of the tenant leaving midway through the lease term. Landlords have to rerun the whole screening process. It would be equally challenging for you to find a replacement on such short notice. You may offer to pay a portion of the rent for the duration of the lease term.
Once your landlord is ready, and you have found someone to transfer the lease to, sign a new agreement. The current tenant, the new tenant, and the landlord will sign the agreement. It would be even better to get the agreement notarized.
Even though you’re probably anxious to transfer the leased apartment, it’s always good to screen the potential tenant before formally transferring the lease to him or her.
To transfer a lease to someone else, you should first review your lease agreement to determine if subletting or lease assignment is allowed. Then, find a qualified person to take over the lease and obtain written consent from your landlord. Finally, draught a lease transfer agreement and have all parties sign it.
No, you cannot transfer a rental lease to a new owner. The lease agreement is a legally binding contract between the tenant and the landlord, and it cannot be transferred to a new owner without the consent of both parties.
The steps involved in transferring an apartment lease may vary depending on the specific lease agreement and the landlord’s policies. In general, the steps involved may include finding a new tenant, obtaining the landlord’s approval, completing the necessary paperwork, and ensuring that all rent and fees are paid.
A landlord may refuse to allow a lease transfer if the new tenant does not meet their screening criteria or if they have concerns about the new tenant’s ability to pay rent.
Generally, it can take anywhere from a few days to 3 to 4 weeks to complete the process.
If your landlord does not agree to transfer the lease agreement, consider subletting as a final resort. But if your landlord has agreed to let you transfer your apartment lease. You can relax since you’ll no longer be responsible for the apartment.
