Have you ever been in a situation where you know that you would need to have a roommate or to rent out a space in your house or in your apartment for another tenant? There are some people in all walks of life who may have at least tried this or have been in this type of situation. It is common in some areas or places and it does help save up on rent. As this is what others may see as a practical way to lessen the rent payment or at least to share the rent payment. Regardless of the reason or how they may view it, this really exists. Sublet tenancies exist. Now, you may be wondering why are some people open to doing a sublet tenancy? What purpose or what use can they get from doing this? There are a variety of reasons for them to do this. However, if you are planning on trying this out yourself, you should also have a sublet tenancy agreement in place.
A sublet tenancy agreement is an agreement between the existing tenant and a new tenant or a third party tenant. The agreement consists just like an agreement between a landlord and a tenant, except for this one, the agreement is between you and your new tenant. The sublet tenancy agreement caters to renting out a part of the property that you as the current tenant are renting. In addition to that, a sublet tenancy agreement is necessary when you want to rent out a space in your apartment or room as to make sure that the landlord and your future tenant are both in agreement and are both aware of what you are planning on doing.
So let’s say you are planning to rent out a space in your room or in your apartment. Your landlord knows what you are planning and has given you the heads up that they are okay with it. What’s next then? Do you just let any new prospective tenant waltz their way in and start living there? Of course you would need an agreement to make that happen. Take a look at the steps that will help you get started on your sublet tenancy agreement.
The basics of a sublet tenancy agreement, you would find and need is to add the complete address of the place you are going to be renting out. The street number, the house number if there is any and the location itself. In addition to that, add a short description of the place. That way, anyone who may be interested in the idea would want to know more about the place.
Apart from the complete address and the short description of the place, you must also add the full names of the current tenant, that would be you, and the third party or the other tenant. The full names are necessary, so do not simply add the nickname of the person. It must be the name that is in their birth certificate or the name they legally use.
Just as you were given the landlord’s terms and conditions when you applied for the tenancy, the same goes for the third party. Your terms and conditions should also be known to the third party tenant. In order for them to know and to understand that they have to follow your conditions in order to rent the property or the place as well.
Last but not definitely the least, the date and signatures of the current tenant and the third party tenant should be present. Both parties should sign the agreement. Add the date of when the agreement has been presented to the third party and the signature.
A sublet tenancy agreement is a kind of agreement made and done by the current tenant and a third party tenant. This agreement consists of the current tenant’s terms and conditions and the information about the third party tenant.
When dealing with businesses that involves two or more parties that need to agree on something, a sublet agreement is needed when the current tenant would want to have to share the space with someone else.
The two kinds of agreements are the same in format and some information. The only difference is that, in the sublet tenancy, the current tenant acts as the landlord for the third party tenant.
So, when you plan to lease out a part of your apartment to another tenant, make sure to have the following. Consent or permission from your landlord, a third party tenant, terms and conditions, information and of course a sublet tenancy agreement. Everything follows.