SUBLETT Meaning and
Definition
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Sublett is a verb that refers to the act of subleasing or subletting a property or a portion of it to another party. It involves the transfer of an existing lease agreement, allowing a tenant to rent out all or part of the rented space to a subtenant. The sublettor, who is currently occupying the leased property, becomes the sublessor, while the individual or entity taking on the new lease from the sublessor becomes the sublessee or subtenant.
Subletting typically occurs when a tenant wants to temporarily vacate the premises before the lease term ends but still wishes to retain the lease. In this arrangement, the sublettor assumes the responsibility of finding a sublessee, screening potential candidates, negotiating the terms, and collecting rent from the subtenant. However, the original tenant remains ultimately responsible for any breaches of the lease agreement or damages caused by the sublessee. The sublettor may also choose to charge higher rent to the sublessee as a means of covering their own rent expenses and possibly making a profit.
The sublett process usually requires written consent from the landlord, as many lease agreements prohibit subleasing without the landlord’s approval. This helps protect the landlord’s interests while ensuring that the sublessee is aware of and agreeable to the original lease terms and conditions.
Similar spelling words for SUBLETT
