Assignment VS Sublet
What is the difference between subletting your lease and assigning your lease?
𝐒𝐮𝐛𝐥𝐞𝐭𝐭𝐢𝐧𝐠 - works best if the current tenant plans on coming back to the property. Approval must be received in writing from your landlord prior to subletting your lease. There is usually no fee for this option BUT the current tenant is 100% responsible for the new tenant and finding that new tenant. All applicants must fill out an application and the landlord has final approval on the new tenant. Once a new qualified tenant has been found, a lease is signed with the current tenant. The current tenant is now responsible for collecting all fees from their sub-letter. The main lease still stays in effect with AspirePeak Properties but an amendment will be done up to acknowledge the sub-letter. This means the current tenant is still responsible to pay AspirePeak Properties rent (they essentially become the landlord for the new tenant).
𝐀𝐬𝐬𝐢𝐠𝐧𝐦𝐞𝐧𝐭 - is a bit simpler but really only works with a longer time frame left on the lease (min 6 months with AspirePeak Properties). With less then 6 months left on the lease, this becomes a 𝗟𝗘𝗔𝗦𝗘 𝗕𝗥𝗘𝗔𝗞, which we will cover in another post later. Again there is no fee for this option and again the current tenant is responsible for finding a new tenant (approved by the landlord). 𝗛𝗢𝗪𝗘𝗩𝗘𝗥, once the new tenant signs on to a lease with AspirePeak Properties and provides their security deposit. The current tenant is no longer responsible for the remaining rent or utilities.