What is a Sublease?
A sublease is a lease agreement between a tenant and a subtenant for a portion of the tenant's leased property. The original tenant, known as the sublessor, retains the right to use the property and remains responsible for the terms of the original lease agreement with the landlord. The subtenant, also known as the sublessee, pays rent to the sublessor and has the right to use the subleased property for a specified period of time.
Subleasing can be a useful option for tenants who need to temporarily vacate a leased property or who want to generate additional income by renting out a portion of the property to another party. It can also be a good option for individuals or businesses who are looking for short-term or flexible housing or commercial space.
However, subleasing can also be complex and may involve additional legal and financial considerations, such as the need for written sublease agreements and the potential for disputes between the sublessor, the sublessee, and the landlord. It is important for all parties involved in a sublease to carefully review the terms of the original lease agreement and to clearly communicate and document the terms of the sublease.