I need to move! What about my lease?

All of Seminary Properties leases are 12-month leases.  This one-year commitment is a challenge to individuals who want or need to relocate for a variety of reasons.  We understand that, and so we have options for renters who decide they need or want to move.  A lease is a binding contract for renters and landlords.   Landlords cannot remove a resident during the lease without court authorization and tenants cannot break a lease during the lease term.  This does not mean Seminary Properties residents do not have options to relieve themselves of their lease obligation during their lease terms. 

Seminary Properties is glad to offer three lease options for parties who wish to relocate.

Option 1: Sublet

A sublet does not remove the renter for the lease. In a sublet, the renter on the lease remains on the lease, but they find a party to rent from them for a portion of the lease.  This option is great for people who are leaving town for a several months but intend to return.  The duration of a sublet can be for a few months or even years.   In theory, the sublet honors the lease terms and pays the rent, even though they are not a legal party to the lease and they do not have any legal rights to the lease; therefore, if you are considering subletting your lease, make sure you only sublet to someone who you trust to be a good steward of your apartment while you’re away.

Warning: if the sublet does not pay rent, damages the property, or violates the lease, it is the renter on the lease who is penalized legally and financially. Landlords often require approving a sublet before authorizing them to occupy an apartment.

Option 2: Lease Assignment

Lease Assignment is a legal process for changing the parties on the lease. If one roommate is moving or all the roommates on a lease are moving, the Lease Assignment process replaces them on the lease with new, approved parties.  The departing renter has no future legal obligations or right to the lease. The new renters take on all legal obligations and rights to the lease.   This process is the cleanest way to move without financial or legal risks after moving. 

Warning: Each landlord is different, but a Lease Assignment is not a new lease. This means the apartment will not be cleaned or painted between departing and arriving renters. Most landlords require approving a new party before authorizing the Lease Assignment.

Options 3: Lease Buyout

The lease Buyout option is an agreement between a renter and a landlord to end the lease early.  As the name implies there is usually a fee to terminate a lease early.  If landlords offer this option, they may have different fees. There is not a common standard fee across the industry.

Seminary Properties offers all residents a Lease Buyout for 50% of the remaining rent due on the lease, with a minimum of three months’ rent.  This means that regardless of how many months of lease remain, a tenant cannot buyout their lease for less than three months of rent.  If a tenant has ten months remaining on their lease, they will need to pay five months of rent to buyout/terminate their lease. If a tenant has two months remaining on their lease, they will need to pay a minimum of three months of rent to terminate their lease.  In the last example, it would make more sense to pay the remaining two months of rent and move, instead of paying three months of rent. 

Warning: A Lease Buyout ends the lease at a specific date. At that time the renter no longer has any rights or obligations to the lease. The lease is mutually terminated. The buyout does require additional documents signed by all parties to mutually end the lease early.

These are the most common options for renters to move during their lease and relieve themselves of some or all of their obligations. It is up to the renter to decide which option is best for their situation.  Seminary Properties offers all three of these options to all of our tenants and regularly executes these options on behalf of the tenants. 

If you are a renter, know your lease and know your rights.