What does it mean to take over a lease?

What does it mean to take over a 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.

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.

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

Assigning a lease: transferring it to someone new If a tenant wants to assign a lease, he or she is first required to make a written request for the landlord’s approval. As with a sublet, the landlord cannot unreasonably refuse consent to an assignment.

Is lease transfer a good idea?

A lease takeover can be a great arrangement for both the person transferring a lease and for the person taking it over. The original lessee gets the lease payment off their hands, and you get the wheels you need — or want — without a long-term financial commitment.

Is swap a lease a good idea?

A lease swap can be beneficial to everyone involved. The person getting rid of the lease can move on, and the person assuming the lease can meet a temporary vehicle need, potentially at a lower overall cost than a long-term lease or a car purchase.