Rental lease transfer refers to reassignment of a lease of a residential or commercial property or automobile by which the original lessee transfers all rights and responsibilities to a new lessee who has to make the rental payment henceforth. The rental lease transfer contract or agreement must mention the names and contact details of the parties involved and may also give the reason for the lease transfer. This scenario usually arises when the original lease holder has to move to another city and can no longer make rent payments. The lessor also checks if there are no outstanding payments and the leased property is in good condition.
Sample Rental Lease Transfer:
The Rental Lease Transfer agreement has been entered on February 16, 2012 by the tenant Philip Walton for a property rented from Creation Real Estates for office usage. According to the agreement, he hereby transfers all the responsibilities of the lease to Ken Cotton, who will be regarded as the replacement tenant.
- Property Address: 312 Sunny Towers, New York
- Rent p.m. : $5,000
- The tenant will be moving to New Orleans for which he longer needs the office space and cannot pay the rent
- A 15-day advance notice has been sent to Creation Real Estates so that they can start the paperwork as soon as possible
Terms and Conditions:
- The landlord shall pay back the security deposit to the tenant after receiving the same amount from the replacement tenant
- The replacement tenant will pay the rent from now onwards.
Signature (Replacement Tenant)