SUBLEASE/ASSIGNMENT

Let’s get you ready to sublease or assign your unit!

Whether you are studying abroad for a semester or finishing school early, you may find yourself in a situation where you need to look for a sublease or reassignment. See answers below to common questions about subleasing or assigning your unit.

What’s the difference between subleasing or assigning?

Subleasing is when you permit someone to live in your unit without transferring your lease to that person. The person who lives in your unit is called a Sublessee. The sublessee will pay rent directly to you and you will continue to pay rent to the landlord.


Assigning is when you formally permit someone to take over your lease with the consent of the landlord. The person replacing you in this instance is called an Assignee. The assignee assumes all of your rights and responsibilities per lease.

What are the most important policies to consider when subleasing or assigning?

You are responsible for finding your own replacement – the landlord has spent time and money in the initial advertising / showing / leasing / cleaning / move-in process and is not obligated to bear addtional expenses again.  If you advertise and show good faith effort to find your replacement, we are glad to offer a Free online ad to help.


Security Deposit– In an assignment, the exchange of the security deposit is solely between you and the assignee. Please keep in mind that we are not responsible for coordinating that exchange. Your original deposit will remain on the unit’s ledger and will be returned to the assignee when the assignee moves out. In a sublease, it is up to you whether you will ask for a security deposit from the sublessee.


Condition of unit – you are subleasing or assigning the unit AS IS. You may request a unit to be reconditioned only when assigning. All requests are to be in writing at least five business days in advance. All requests are subject to Landlord approval (fees may apply).


Keys to unit – providing keys to your sublessee or assignee is your responsibility. Management may be able to assist in coordinating a key exchange upon request. All requests are to be in writing at least five business days in advance. All requests are subject to approval & charges may apply.


Utilities – payment of utilities is your responsibility unless you are assigning. When assigning make sure to pay any final balance and discontinue your utility accounts. The assignee will be instructed to setup new utility accounts for the unit.

What’s the process from beginning to end?

 


  • Advertise your unit location, price, features, start date (as on Facebook)


        We post Free listing on RentUTK.com

  • Submit additional prospect's info Leasing@HolmesPropertyMgmt.com

  • Remind your prospect to contact us quickly and request link to the online Rental Application


  • Follow up with your prospect daily to make sure their App, Guarantee and Fees are complete

  • Pay all fees such as Sublease / Assignment fee

  • Make sure all agreements between you and the person replacing you are in writing and signed

  • Coordinate date for keys and security deposit exchange 

Who do I contact if I have more questions?

Please Contact Us Here if you have already submitted a Sublease or Assignment request online or have any other questions. 


Keep in mind that the speed of this process is affected by how quickly You and Your Prospect respond and complete docs. 


Please do your part by making sure your documents are complete, fees are paid and any special arrangements are requested in advance in writing.

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