Assignments and Sub-Leasing Attorneys in Utah
When to Hire a Real Estate Attorney in Salt Lake City, Utah to Help You with Assignments and Sub-Leasing
Sometimes, a tenant wishes to transfer his lease to a new tenant. Whether to permit a tenant to assign or transfer a lease is determined by the parties’ initial lease agreement. If the lease does not specify otherwise, then a tenant can transfer his lease to another person. A tenant is usually better off if he can assign his lease, because assignment can allow a tenant to get out of a lease early if circumstances make the lease untenable.
Landlords generally do not want to permit assignment of a lease, because they want to control who uses their property. If you are a landlord or a tenant negotiating a lease, you should consider whether to permit assignment and sub-leasing. A landlord may consider permitting assignment in exchange for additional compensation or other lease concessions.
Under many commercial and residential leases, a tenant must obtain permission from the landlord to transfer the lease. Landlords and tenants may need to have an attorney review their rental agreement to determine whether and how to address a proposed assignment or sub-lease.
Why Hire a Real Estate Attorney?
A real estate attorney can negotiate an acceptable assignment or sub-lease. There are many considerations that parties must take into account when considering a sub-lease or assignment. For example, you will need to decide whether the original tenant will have any ongoing obligations after the assignment takes place.
A landlord should consider whether the assignment is in their best interest. In some cases, negotiating an assignment may be preferable to leaving a property vacant while an alternative tenant is found.