Understanding Landlord Issues of Cotenants, Sublets, and Lease Assignments

<h1>Understanding Landlord Issues of Cotenants, Sublets, and Lease Assignments</h1>

by Joel Simkhai

<div align=justify>Landlords are faced with different circumstances and issues nearly every day. Some of them are as simple as what color should the walls be painted. Others like deciding whether or not to raise the rent for a good tenant are little more difficult to make. Sometimes, we face certain lease issues like subletting or lease assignments, we’ve never experienced before. No matter what kind of arrangement your tenants are asking of you, you’ll still want to be well prepared and informed of your rights as a landlord. Make sure you have written documentation of all promises and agreements. Here is a quick breakdown of some common lease arrangements that you may run into as a landlord. Cotenants For those of you out there that are not sure what exactly is considered a cotenant, here is the scoop. A cotenant is when you already have an existing tenant and they ask a roommate to share the rented property with them. That new roommate is now considered a cotenant. They now share all of the same responsibilities as the original tenant in keeping with the lease agreement. Unfortunately, enforcing this isn’t the easiest thing to do. In order to avoid any potential problems, specify to your existing tenants that they need to notify you first if they plan to add a cotenant on to the existing lease, and any changes will require your consent. This includes all necessary background checks. Your tenants will need agree to this in advance, and make it part of the lease agreement. This way they can be held liable if they break any portion of the lease agreement. Sublets A sublet happens when an existing tenant of your moves out of a rented dwelling and then rents it to another individual. They are basically acting as a de-facto landlord to someone else with your property. Sublets can cause major liability problems for both the tenant and the landlord. Often times, the sublet tenant is not bound by the original lease agreement which you had drawn up for the initial tenant who is still responsible for fulfilling the rental agreement. You must state clearly in your lease agreement that you do not want any of your tenants to sublet their apartments to anyone else. If you decide to allow subletting, make sure you require the subletting party to provide you with all the necessary screening information that you would require with any other applicant such as their name, previous address, and Social Security number. Lease assignments Lease assignments are when a tenant will leave their rented apartment before the lease agreement expires, and instead finds a new tenant to take over what is left on the lease. When something like this happens, you'll want to have a written consent assignment to have the lease obligations legally transferred to the new tenant. When a circumstance like this occurs, it is much easier for you, the landlord, to screen any prospective lease assignees. Make sure you discuss all of these options with the current lease holder. Once the new tenant takes over the lease agreement, all responsibility then transfers over to the new tenant. Make sure you're completely comfortable with this new tenant before allowing the assignment to take place. </div>

Article source: <a href="http://www.ArticlePros.com/business/business_tips/article-87232.html">ArticlePros.com</a>
 
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