You may be living in an apartment happily with four of your college friends and then you land an amazing job offer, which requires that you relocate to another state or city. What do you do then, especially if the rental lease contract is in your name? How do you handle the subleasing option
when your lease has another three to six months to be renewed? While the responsibility of paying the rent is yours, you may not be able to pay up the entire three to six month’s rent. Take the recommendations from your local Lakewood real estate professionals:
What can you do to ensure that the process is smooth for everyone involved? Remember, your roommates are still going to need a place to live and you cannot afford to let this job offer pass either. Subletting may be your only option in this case. Before you post an ad for a new roommate to take your place, make sure you check the details and specifics of your rental lease contract.
Most contracts do not allow subletting unless the landlord gives consent. Most state laws require that landlords accept a reasonable alternative for a replacement that the tenant may propose. In addition, as it is with most tenants, a landlord may reject a new tenant based on past credit history and any inability shown in paying the rent. However, the landlord cannot reject a new tenant based on gender or race discrimination.
What is subleasing? It is replacing of one tenant with another in order to maintain the lease and the continuation of rental payments. The new tenant has to follow the same lease terms and is usually required to pay the same amount of money each month. The existing tenant is going to be held responsible for any non-payments on behalf of the new tenant. The existing tenant will also be held responsible for any damages incurred by the new tenant.
If handled appropriately, subleasing can be the ideal option. The new tenant must be screened and vetted thoroughly and this includes:
- Checking references from past landlords
- Doing a credit history check
- Conducting a background check
- Having the tenant sign a sublease contract
Start and End Date
You should define the start date and end date of the sublease. Have the new tenant sign a new lease agreement with a statement that may read like this:
“All subtenants will be required to conform to all responsibilities and covenants of this lease agreement, set forth this day (put the date here) and all provisions of the said lease agreement will be enforced for the entire sublease term.” You should also include in the statement that the existing tenant is still responsible for covenants set forth in the previous lease agreement.
Things to Consider
Remember that you should act professionally in carrying out these tasks or you may end up with a bad tenant. Be prepared for something to go wrong. This means that you should have money set aside in a case where the new tenant may not live up to your expectation of paying on time. When the original lease agreement ends, you will more likely get your security deposit returned to you, if things go smoothly.
There are many homes for sale in Englewood and Centennial and there are also many rental homes in the same area. If you are a renter in need of subletting a room, let the experts at Colorado Home Sales
help you. Make contact today to learn more.