A lease transfer agreement is a formal legal document signed by the tenant, landlord and the new tenant whereby the tenant transfers the title of the lease from his name to the new tenant. Because of various personal or professional reasons, a tenant may not be able to continue the lease term of a house, car or office but if he terminates the lease he will have to pay a bigger amount. In such a scenario, he transfers the lease to another individual who is looking to rent a house or a car and the new tenant thereby has all the rights and responsibilities of the lease from now on.
Sample Lease Transfer Agreement:
The Lease Transfer agreement has been entered on February 16, 2012. The landlord Morgan Bay hereby agrees to the lease transfer by the tenant Roger Knowles to new tenant Will Jones for the rest of the lease period of 7 months.
- Property Address: 218 Shadow Farms
- Rent p.m. : $1,200
- The tenant has to move to another city and can no longer live here
- A 1-month advance notice has been sent to the landlord
Terms and Conditions:
- The new tenant shall pay the security deposit to the landlord, after which the landlord shall pay back the security deposit to the tenant
- The new tenant is responsible for following all the terms of the original lease agreement.
The undersigned acknowledge the mentioned money transactions and agree to be legally penalized on violation of any part of the contract.
Signature (New Tenant)