A real estate Sublease is a document that specifies the rights and obligations of an existing Tenant and another person ("Subtenant") who desires to sublet certain property. The underlying lease between the Tenant and the Landlord is referred to as the "Prime Lease." The original Landlord will continue to be referred to as the "Landlord" in the sublease. After signing the sublease and obtaining any necessary Landlord consent, the Subtenant is entitled to possession of the property for the duration of the sublease, which is often the full remaining term of the Prime Lease. The Subtenant "steps into the shoes of" the Tenant. This program provides a simple sublease that should be used only when the Subtenant agrees to be bound by nearly all of the original terms of the Prime Lease. A copy of the Prime Lease must be attached to the sublease. Some flexibility is allowed with regard to the sublease payments and/or the term of the sublease. However if the parties expect to modify other provisions from the Prime Lease, this document should not be used. In that event, you should consult an attorney who can prepare a more flexible document. A WRITTEN sublease should be used whenever property is sublet, in order to reduce misunderstandings between the Tenant, the Subtenant and the Landlord. |