Saturday, November 23, 2019

Landlord Consent to Sublease FAQ - United States

Landlord Consent to Sublease FAQ - United StatesLandlord Consent to Sublease FAQ - United StatesDefinitionsWhat is the difference between an assignment and a sublease?A sublease transfers only some of the Tenants rights to a third party by leasing the property to the third party for a portion of the Tenants original lease term, or it only transfers a portion of the space rented in the Original Lease. A lease assignment transfers all of the rights that a Tenant had under the Original Lease to a third party for the remainder of the lease term. In other words, a lease assignment transfers all of the Tenants rights to the third party, while a sublease transfers only a portion of the Tenants rights to the third party.Who is the Landlord?The Landlord is the person who has title to the property which has been leased to the Tenant by the Original Lease between the Landlord and the Tenant.What is the Original Lease?This is the lease that the Tenant and Landlord originally entered into, from w hich the Subtenants leasehold interest will be created.Who is the Subtenant?The Subtenant is the person who is entering into a lease for some or all of the Landlords property that has been leased to the Sublandlord.Who is the Tenant?The Tenant (or sublandlord) is the person who has leased the property from the Landlord, and who now wishes to sublease the property to the Subtenant.Consent to Sublease DetailsCan I sublease the property without the Landlords consent?Unless the Landlord expressly consented to subleasing in the terms of the Original Lease, the Tenant cannot sublease the Landlords property without the Landlords consent. Most leases require that the Tenant obtain the Landlords prior written consent.Can the Tenant sublease a portion of the property rather than the entire property?Yes, the Tenant can sublease a part or all of the leased premises to the Subtenant.What additional purposes can the Subtenant make of the property?The Tenant can only authorize the Subtenant to us e the property for purposes that have been approved by the Landlord. Before allowing the Subtenant to use the property for additional purposes that are not stated in the Original Lease, the Tenant must obtain the consent of the Landlord.Who should the rent be paid to?The Tenant can choose whether to receive the rent from the Subtenant and pass it on to the Landlord, or the Tenant can elect to have the Subtenant pay rent directly to the Landlord.I do not know when the Consent will be signed. Can I fill in the date later?Yes, by selecting Unsure as the date the consent will be signed, a blank line will be inserted into the contract so that you can add the correct date after printing the document.Who should sign the consent gestalt?The Landlord must sign the consent, but it is advised that the Tenant (Sublandlord) and Subtenant should also provide an acknowledgment.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.