A Sample Lease Assumption Agreement is a common document that allows a landlord to legally transfer his lease from the previous tenant to the new tenant or vice versa. The transfer is completed as soon as the new tenant pays the rent. Sometimes the next day after the initial rent is paid is necessary to complete the process of transferring. During this time, the new tenant should only pay the new rent.
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When the two parties enter into a lease, the terms and conditions are outlined in the lease. The term of the lease will generally be determined by the type of agreement entered into and the circumstance of the lease. However, a person may elect to have a shorter lease that is broken up into smaller, term leases with a specific number of months between them.
Usually, the lease is for a specific period, such as one year, two years, or three years. Usually the longer the period of the lease, the more likely it is to be terminated, but there are exceptions to this rule as well.
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If a landlord chooses to change the location of his property, the period of the lease will be altered accordingly. If a lease is changing location, there will be a period specified in the lease agreement between the old and new locations. If the landlord fails to do so, he may be subject to legal action if someone else moves into the leased property. This may not be in the best interest of the landlord as well.
When an agreement is to be transferred, a landlord or the former tenant must submit a Sample Lease Assumption Agreement. This agreement must be submitted to the Rent Board for their review. A notice of the impending transfer must be given to the previous tenant, who must then send a written notification to the landlord and the previous tenant. A landlord is not required to follow through with a transfer if the previous tenant will not accept the transfer.
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No state law dictates how a landlord and current tenant must complete this transfer. It is up to the landlord and tenant to agree upon how the current lease agreement is updated. Many landlords choose to not pursue the transfer because they believe the tenant has no interest in staying with the current tenant, or because the new tenant will move into the property without paying the required rent.
For the new tenant, a landlord may require that the person pay a deposit or transfer some form of security. This can be enforced by the landlord through an eviction lawsuit. There is usually a way to be able to complete the transfer for both parties.
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