We understand that there are times when you need to terminate your Lease Contract earlier than originally expected!
The following outlines the differences between "re-letting" and "sub-letting" as well provides answers to which we allow, how to process it and where we come in to help!
💭 Does the Regency & Villas allow re-letting or sub-letting? ____________________________________
The only option for our residents is to "re-let" their apartment. Residents are contractually not allowed to sub-let their unit under any circumstances. Re-letting is a much better situation for the Resident and the incoming Resident.
💭 What is the difference between Re-letting & Sub-letting? ____________________________________
Generally speaking, the biggest difference is that re-letting transfers the obligations of the Lease Contract entirely to the new tenant leaving the current Resident free and clear of any financial obligations in the future.
❌ Example of Sub-letting
A resident, named Mark, currently lives at The Regency and wants to get out of his lease. He found someone to take his apartment named Kevin. In sub-letting, Mark handles all financial transactions with Kevin and then pays the Regency himself. In addition, Mark is still legally responsible for any damage that Kevin makes and if Kevin stops making payments then Mark is liable still to the Regency.
✅ Example of Re-letting
A resident, named Mark, currently lives at The Regency and wants to get out of his lease. He found someone to take his apartment named Kevin. In re-letting, Mark sets up a meeting with Kevin and the Regency's accountant. In this meeting, Kevin signs a Lease Contract beginning that date until the end of Mark's legal obligation to The Regency. At the end of this meeting, keys are exchanged and Mark is no longer legally liable to the Regency regardless of if Kevin creates damage to the unit or doesn't make payments. The Lease Contract completely transfers to Kevin and he is solely responsible for all payments and contractual obligations from that date forward.
💭 How does the Re-let Process work? ____________________________________
The Regency & Villas Apartments will support residents in the Re-let Process once the resident has found a replacement for their specific bed space.
Before we begin, here are the requirements of all candidates to qualify for taking over a Lease Contract through the Re-let Process:
- Must be willing to sign a Lease Contract
- Cannot be a current resident at either the Regency or Villas Apartments
- Must be willing to continue paying the same rental installment amount as you signed for in your Lease Contract
- Must be the same sex as you if you are in a shared unit (meaning you have a roommate). Doesn't matter if it is a single or studio apartment!
- Must meet all application requirements including a background check and pay an Application Fee
- You Find a Replacement Tenant. Find someone that is willing to take over your lease in the exact apartment that you are living in.
- New Tenant Applies Online and Mentions You. Have the individual complete an Online Application, including pay Application Fee, at our website. Make sure they put your name down in the notes.
- We Contact You to Setup a Meeting. If there application is approved, we will contact you to proceed to this step. You simply contact the new tenant and find a time you can both meet. Once you have that date and time, email it to our Accounting Team at firstname.lastname@example.org
- We will Confirm a Time. If the time works for our Accountant, we will email you a confirmation. If not, we will suggest another time. We suggest you pick a time between 9 a.m. and 3 p.m. Monday - Friday.
- Meet to Exchange Keys. In this meeting you set, and we confirmed, we will ensure your account has been paid in full up to this date and that the new tenant knows their responsibilities. A $500 re-let fee is due prior to us allowing the exchanging of the keys and this can be paid that date by you or the new tenant. Keys will not be exchanged if all payments, including the Re-let Fee, are not made at this time as is legally required for both of your protection!
💭 Can the Leasing Team help me find a replacement tenant? ____________________________________
Unfortunately, we cannot assist in finding a new tenant for you as our Leasing & Marketing Team are focused on leasing for the upcoming school term. With that said, if we have anyone on our Wait-list, and have no where to place them ourselves, we may offer this person to take your place! The re-let fee will still be due regardless of if you find the individual or if we do.