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WORD OF THE WEEK


SUBLEASE

A sublease involves the rental of real property by a tenant to a subtenant. A sublease agreement typically arises when the original tenant no longer needs to use leased space or can no longer afford to make the lease payments. This situation is most common for commercial properties, but can arise for residential properties as well.A sublease involves the rental of real property by a tenant to a subtenant. A sublease agreement typically arises when the original tenant no longer needs to use leased space or can no longer afford to make the lease payments. This situation is most common for commercial properties, but can arise for residential properties as well.
For example, if Sebastian is renting an apartment in Chicago with a 12-month lease and in month four he receives a job offer in Boston, he may decide to sublease his apartment to another tenant for the remaining eight months. The sublease means that Sebastian can accept the job and move - he doesn't have to pay expensive fees to get out of his lease or pay rent on two apartments. The landlord also benefits because he receives all 12 rent payments and doesn't have to find a replacement tenant. The sublease arrangement also means that Sebastian retains an interest in the apartment, so if he decides to move back to Chicago, he may be able to renew his lease and get his old apartment back.

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