What is the difference between a sublet, lease assignment, and a lease break?
If you need to exit your lease early and your landlord allows you to find another tenant, you should ask your landlord how he or she prefers to structure the new lease. Does your landlord prefer the new tenant to finish out the remaining term of your lease or does the landlord prefer you to end your lease and find a new tenant to start a brand new lease.
If the landlord would prefer the new tenant to finish out the term on your lease , then you will need to find a short term renter assuming your remaining lease term is less than 12 months, which it usually is. You will then need to know from your landlord if he or she would prefer you to find someone to “sublet” your place, or would the landlord prefer you find someone to “assign” the remaining portion of your lease to. Here are the definitions:
Sublet: The incoming tenant will be your “subtenant” and will pay the rent to you. You would still be responsible for fulfilling your obligations under the lease. You are still responsible for paying the rent to the landlord.
Lease Assignment: The incoming tenant would be “assigned” your current lease. The relationship with your landlord will end, and the new tenant will be responsible for the terms of the lease and will pay rent directly to the landlord.
Leasebreak: If your landlord prefers you to end your lease early (essentially “breaking your lease”) then your relationship would end with your landlord, and the new tenant would sign a brand new lease , usually for at least 12 months.
On Leasebreak.com, tenant, agents, and landlords post sublets, lease assignments, and “lease breaks”. If you have any questions, please feel free to reach out to us at [email protected].