Thursday, February 16, 2012

Re-Renting Out Boston Apartment Rentals | Bost Real Estate Blog ...

If you?re renting a Boston apartment rental and you need to move, but you don?t wish to break your lease, you may be able to re-rent out your unit. There are several ways in which this can be done?novation, assignment, and sublet. The method in which you do this will be up to your landlord, but just so you?re aware of what these different methods are we?ve provided this brief overview.

Novation ? A release and surrender agreement between the original tenant, landlord, and new tenant. In this method the original lease is ended through an agreement with the landlord, freeing the original tenant from contractual obligations in the future. A new lease is created between the new tenant and landlord and the new tenant pays rent directly to the landlord. While it isn?t required by law, some landlords ask for a fee in return for novation. The charge may vary from several dollars to over $100. As the original tenant is free from the contract, the security deposit must be returned according to the applicable Massachusetts laws.

Assignment ? An agreement between the new tenant and old tenant for the remainder of the lease. The new tenant pays rent directly to the landlord, however, the landlord may sue either the old or new tenant for unpaid rent. The old tenant can also sue the new tenant if he/she doesn?t meat contractual obligations. Issues relating to damages and the security deposit should be mutually negotiated by the new and old tenants as well as the landlord because the agreement is made within the context of the original lease. The landlord may request fee for an assignment.

Subleasing ? An agreement between the old and new tenant for one or all:

  • Less than the full-term lease
  • Less than the entire premises
  • A different rental rate than stated in the original lease.

In a sublet agreement the original tenant remains responsible to the landlord under the original lease and can be sued by the landlord for unpaid rent or not fulfilling contractual obligations. The original tenant may also sue the new tenant to cover any unpaid rent owed to the landlord. The original tenant?s security deposit might not be returned until 30 days have passed from the expiration of the lease. The new and original tenant should create an agreement regarding damages. The landlord may ask for a fee for subletting.

Source: http://www.firstbostonrealty.com/blog/re-renting-out-boston-apartment-rentals/

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