Taking over a lease may be a good option if you're looking for a short-term rental or a change of scenery.You assume the same responsibilities when you take over a lease.You don't have to pay as much in deposits and fees from the beginning.The original renter can get out of a lease in less time than if they break it.You can take over a lease for a car or real property.Be aware that some lease contracts may prohibit subleasing, so be sure to read them.
Step 1: Check your credit.
The car company will check your credit when you take over a car lease.You need a good credit score to qualify for a lease.The qualification requirements for lease takeovers are the same as for new leases.You can get a free credit report from Annualcreditreport.com in the United States.You can check your credit score using online services.If you are a credit card holder, you can use credit checking and monitoring services for free.
Step 2: Search lease transfer companies.
It is easy to find and take over a lease with a number of lease transfer companies online.Two of the largest are swapalease.com and lease trader.People who want to get out of their lease can place a listing on a lease transfer site.You can find the car and lease options that are right for you by searching these listings.Make sure you research the lease transfer company before using it.Look for reviews from people who have successfully transferred leases.
Step 3: The original lessee should be negotiated with.
If you start a new lease on your own, you may not have to pay as much for an existing lease.Most car companies have transfer and application fees.If you or the original lessee will pay these fees, negotiate.The agreement should be written.If there is an application fee, the car company will look to you to pay it.The car company won't enforce the agreement if you and the original lessee both agree to pay half.
Step 4: You have to complete an application with the car company.
If you want to take over the lease, the car company will give you an application that is similar to the one you would use to start a new lease.You can complete this application online.You can either fill out a paper application at the dealership or mail it in.The car company will check your credit to make sure you are qualified to take over the lease.
Step 5: The car needs to be inspected.
The car company isn't responsible for the condition of the car.There is damage to the car that lessees don't want to pay for when they return the vehicle.The only way to know is to have the car inspected.They may offer to do an inspection for you if you complete the lease transfer process at the dealership.Make a note of any repairs that need to be made.If these are significant, you may want to negotiate with the original lessee to take care of the repairs before the lease is transferred into your name.
Step 6: The lease transfer agreement should be signed by you.
The car company will transfer the lease from the original lessee to you if everything is in order.Depending on your income and the results of your credit check, your lease terms may differ from those of the original lessee.Make sure you read the transfer agreement carefully and know what your responsibilities will be at the end of the lease.
Step 7: Take the car with you.
The car is yours when the transfer is complete.You will have to pay taxes and registration fees for the car.The lease transfer process can take up to 3 months to complete.If you don't have enough insurance for the car, contact your insurance company.There will be minimum insurance requirements listed in the transfer agreement.
Step 8: You can choose between a sublease or assignment.
If you sublease a home from someone else, they remain responsible to the landlord.If they assign their lease to you, you take over the remainder of the lease on the same conditions and rent directly from the landlord.The original tenant and the sublessee will still be responsible for the obligations contained in the lease unless the landlord releases them from them.
Step 9: Read the lease carefully.
Since many lease agreements prohibit subleasing you need to make sure the lease allows for it or the entire contract will be void.Since people posting the ads may not have read their lease, pay close attention when responding.Laws may restrict assignments or subleasing.Residential leases tend to be for shorter terms than commercial leases.If the original lease does not mention assignment or subleasing, this still doesn't mean that you can take over the lease without the landlord's permission.
Step 10: The landlord needs to give consent.
If assignment or subleasing is covered in the original lease, you still need the landlord's permission to take over the lease for another person.If you don't have the landlord's permission, they could remove you from the property.If you want to meet with the landlord in person, you should get an agreement in writing.The landlord may change their mind after agreeing to let you take over the lease.Before they consent, the landlord may want to run a credit or background check on you.Landlords want you to meet the same requirements as other tenants.
Step 11: An attorney with experience in landlord-tenant law is a good choice.
It's a good idea to talk to a landlord-tenant attorney who has experience with assignments of lease or subleasing.They can review the original lease and make suggestions.Free initial consultation is provided by many landlord-tenant attorneys.Even if you don't end up hiring them, use this to your advantage to get some advice on the situation.
Step 12: The original renter should be able to negotiate with them.
Deposits or transfer fees may be required when you take over someone's lease.You have to figure out how you're going to deal with utilities and other services.The original renter may have already paid a security deposit if they assign their lease to you.The original renter might want you to pay a portion of the deposit since they won't be living there anymore.Lease renewal is an issue.Tenants who Renew their Leases get better rental rates.If you plan on staying longer, or if the original renter wants to return, you need to find out how lease renewal will work.
Step 13: A written agreement is needed.
All the issues you discussed in negotiations should be addressed in your assignment.You can find forms online for free and use them to draft your agreement.Make sure the forms are valid in the place where the property is located.The forms should be tailored to your situation.If you do not understand what it means, don't copy it from a form.To find out what language would work best for you, contact an attorney.
Step 14: The agreement should be signed by you.
Your draft should be given to the landlord and the original renter.They can suggest changes to the draft.Print out the agreement for everyone to sign.The sublease or assignment agreement should be signed by you, the original renter and the landlord.Everyone should have a copy after the agreement is signed.