Subleasing provides benefits beyond traditional roommate situations. In subleasing, the original tenant rents a room or space in the home to a subleasing tenant. By renting a subleased room and sharing living costs, both parties save money. Subleasing space such as an attic, garage or parking space offers affordable space to the subleasing tenant and allows the original tenant to make money. When subleasing, the original tenant could also indulge his or her desire for travel and wanderlust, spends a semester studying abroad, participate in an internship in another state or return home for a few weeks in order to visit family. Subleasing provides a livable room or rental space for the subleasing tenant and allows the original tenant to keep the apartment with a great location or affordable rent despite periods of extended travel.
Things to Consider Before Writing the Lease Agreement Template
Before subleasing, determine if the original lease allows subleasing. Contact the property manager to explain the reason for subleasing and receive permission. He or she may wish to assess the subleasing tenant before granting permission. The original tenant should investigate the character and financial history of the subleasing tenant. Perform a credit check and verify employment to ensure the subleasing tenant can afford to pay the rent. Because the original tenant remains responsible for damages to the room or rental space, ensure the subleasing tenant will treat the property with respect and willingly pay for any accidental or intentional damages.
Create the Template
Upon verification of the subleasing tenant, create a lease agreement template. This form is absolutely necessary in order to avoid negative legal repercussions and protect the original tenant, subleasing tenant and property manager. Include the names of the original and subleasing tenant. Record the start and end date of the sublease, and take care not to exceed the end date of the original lease. Describe the exact condition, dimensions and furnishings that are part of the sublet room or space.
Determine financial responsibility and payment due dates. Specify the amount, if any, of a security deposit. Include exact amount of rent and division of utility costs as well as other fees associated with the room or space to be sublet. Discuss the acceptance of pets, arrangements for private vehicles and property modification allowances. Specify if the subleasing tenant can later sublease his room or space.
Reiterate that the terms of the original lease remain in effect for the duration of the sublease. The subleasing tenant must abide by the terms, conditions and ordinances of the original lease or be eligible for release from the sublet agreement. On the completed sublease agreement template, obtain notarized signatures of the subleasing tenant, original tenant and the property manager. Each party receives a copy of the signed agreement for future reference. This will ensure that the lease is legal and binding.
Subleasing proves to be a wise financial move for both the original tenant and subleasing tenant. Before subleasing, determine the subleasing tenant’s responsibility level. Prepare a detailed lease agreement template for both tenants to sign. A lease agreement provides both tenants and the property manager with protection in case of property damage, insurance claims and negligent behaviors. The subleasing arrangement provides both tenants with an affordable living or rental space and saves both tenants money.
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