Is Subleasing Your Apartment a Good Idea?

Maybe you’re a little strapped for cash or rent money this month, an you know you will be so for the next few months so you decide that it’s time to get a roommate. But, it’s not as simple as that. If you want to sublease your apartment to someone there is another option termed in real estate law as assignment. There are a few key points that you will need to understand between them, so you’ll stay out of hot water legally and financially. The difference between a sub lease and an assignment is like night and day in terms of law. Here is some information to keep you informed and updated.

The first step in arranging a sublease with another person is to see if you can do it legally. Read over the contract that you’ve signed with your landlord. In a lot of instances it’s not allowed, and the reasons vary for each rental establishment. Amendments to your contract can be made in writing by sending a request to your landlord. If he and you both agree on the subleasing, and it is written than it is legal. If you find in your contract that you can sublease, then you’ll need to consider what it means to sublease.

Never enter into an agreement with another person without having a signed written agreement. You’ll need to spell out specifically what responsibilities are theirs, and which are yours. When you sublease in most states of the US you are responsible for collecting the rent from your sublease renter each month. The sublease renter does not separately pay the landlord. Also, it is likely you will be totally responsible for any damages done to the apartment or house that you’re renting together. It doesn’t matter if you were not responsible for the damage. Real estate law is very clear on matters like these.

However, there is an optional arrangement besides a sublease called an assignment in real estate law. Again you’ll have to get the landlords approval with an assignment too. And again in most instances if you can’t sublease then assignments aren’t allowed either. If you find in your lease agreement that neither is mentioned, talk with your landlord to see if it’s possible to sublease or assign.

By assignment, under real estate law you’ve got some good advantages as compared with a sublease. With the assignment make sure it’s in writing too. A good idea is to have it notarized and written by an attorney. A few extra dollars spent can mean a pocket full of litigation dollars if something occurs. By assignment you are in essence walking out of your fiduciary and physical responsibility of the domicile. The contractual obligations now belong to the assigned. As you can read it’s much better than a sublease.

If you decide to either sub lease or assign your rental agreement make sure that you know what you’re doing. Read carefully all documents you sign when dealing with real estate law of a sub lease or assignment. You can compare a sub lease with co signing a loan. You’ll need to be sure you can handle the responsibility of it all. If not then consider an assignment for your apartment or house – it could just save you a lot of headaches.

A good resource on subleasing issues or assignment of an apartment or house is to go online and check out the website www.apartmentrentsourceguide.com. Here you’ll find loads of information on the different issues of renting. Another excellent resource to find out about sticky real estate issues is to visit the site www.real-estate-law.freeadvice.com. Be informed and know your rights, and responsibilities – it’s the best way to rent.