RELET Meaning and
Definition
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Relet is a term widely used in the real estate industry to refer to the act of subletting or leasing a property that is currently being rented by another tenant. When a tenant decides to vacate a property before the lease term is up, they may seek to relet the premises in order to avoid financial penalties and the obligation to continue paying rent until the lease ends.
From the perspective of the original tenant, reletting involves finding a new tenant to take over the remainder of their lease agreement. The original tenant becomes the "landlord" or "sublessor" to the new tenant, while still being responsible for any remaining rent payments and the overall condition of the property. This arrangement often requires the landlord's consent, as the reletting tenant assumes all rights and obligations from the original lease.
For the new tenant, reletting offers an opportunity to move into a property without signing a long-term lease. Instead, they typically take over the remaining term and the rental conditions set out in the original lease. It allows them to occupy the space on a temporary basis, either until the original lease expires or until they find a more permanent solution.
Overall, reletting provides a means for tenants to transfer their lease obligations to a new party, while allowing landlords to maintain a consistent occupancy rate and avoid income loss due to lease breaks.
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To let again, as a house.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for RELET
Etymology of RELET
The word "relet" comes from the Old English word "rēlætan", which means "to let go" or "to release". It is derived from the combination of the prefix "re-" (meaning "back" or "again") and the verb "lætan" (meaning "to let" or "to permit"). Over time, the word evolved into "relet" in Middle English, carrying a similar meaning of releasing or allowing the subletting of a property.
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