The residential lease transfer is a legal reassignment of the lease contract to another party. This transfer agreement relieves the original tenant from all obligations of the lease and transfers the obligations to a new tenant. This is done for various reasons and the new tenant must first qualify for all the criteria and be approved before the lease is signed. It must be ensured that the resident property that is to be transferred is in the same condition as it was during the original leasing. It is important that the residential lease transfer highlights the original lease terms and conditions.
Sample Residential Lease Transfer
Name of landlord: Monty Panther
Name of tenant: Wren Martin
Name of New Tenant (for replacement): Cory Rogers
Resident Details: RTY Housing Complex, 223, Springfield Avenue, Ohio
Statement of Transfer:
The Residential Lease Transfer agreement was signed and entered upon on January 5th, 2010. The original tenant hereby transfers the obligations and rights of the resident and the title of the lease to the new tenant for a period of 5 months. The time period is part of the original lease agreement signed between the landlord and the original tenant.
Lease Transfer Guidelines:
- The new tenant must follow all the rules and obligations that are part of the original agreement.
- Rent payment per month is $3450. A security deposit of $2,300 has to be paid, subject to refund after end of lease period.
- Original security deposit must be paid back after the transfer has been made.