What is it called when someone takes over your lease?

What is it called when someone takes over your lease?

A lease takeover, also known as a lease assignment, occurs when a new tenant takes over the remaining term of a departing tenant’s lease, with the approval of the landlord.

Can lease be transferred?

After a lease is created, the lessor cannot reserve to himself any share in the right of possession. The words ‘transfer of a right to use the property’ indicates that all rights of ownership are not transferred. A lease can be effected from year to year or can be for more than a year.

How do I transfer my apartment lease to someone else in NYC?

How to Assign Your Lease in New York

1. Check your landlord’s policies. …
2. Start looking for a qualified tenant. …
3. Review your applicant’s information. …
4. Prepare a lease assignment agreement for New York. …
5. Send the application to your landlord. …
6. Sign the agreement. …
7. How Caretaker can help.

What does assigning a lease mean?

To assign a lease is to transfer the legal interest to another. Meaning the incoming tenant will step into the shoes of the outgoing tenant and take on the obligations under the lease.

How do lease transfers work?

A lease transfer allows one person to transfer their lease contract to another person. By doing so, the new lessee is responsible for the remainder of the payments per the terms of the original contract. A vehicle lease transfer could save you thousands of dollars over the traditional means of obtaining a vehicle.

Are apartment lease takeovers a good idea?

But your best bet may be a lease takeover, if your landlord permits it and you can find a qualified tenant. And if you’re a renter looking for a short-term option, taking over someone’s lease can be an excellent way to take advantage of lower rental rates.