Business, Legal & Accounting Glossary
Most frequently: a sublease pertains to the renting of property by a tenant to a third party for a portion of the tenant’s existing lease contract.
A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. Compare assignment.
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This glossary post was last updated: 23rd April, 2020 | 1 Views.