So, you are thinking of subletting your condo. However, you are not yet sure yet if it’s the right thing to do.
Subletting your condo may be a simple idea, but there are a few things that you need to know. Otherwise, you could end up with more problems with little upside. When it comes to condo subletting, your best defense is information; and that’s what this article is all about.
Condo Subletting – What Is It?
Let’s start with the very basics. The idea of condo subletting is that you are leasing a condo, and then you want another party to rent your condo that you leased from the landlord.
So in simple terms, condo subletting goes something like this – the renter pays you, then you pay the condo landlord.
The idea of subletting a condo might sound silly to some. Why not just give up the leased condo and avoid all the hassle? Well, there could be a number of reasons for condo subletting.
For example, leasing a condo means that you will need to rent it for a certain amount of time. If you default on the lease, you might have to pay expensive fees.
Another common reason for condo subletting is when you are planning to temporarily move to a different location, and you will be back living in your leased condo in the future. Hence, you might as well let somebody else stay at the place and help you with the rent.
Condo Subletting – What Are The Requirements?
When it comes to condo subletting, there is just one requirement. You simply need the consent from the landlord. That is usually true in most cases. However, you can check the local laws in your area just to be sure.
If any case the owner does know about the condo subletting, he or she may have the right to evict the party staying in the condo unit or cancel your lease.
Condo Subletting – What You Need To Know
Depending on your location, it may be possible to go the Landlord And Tenant Board or any similar associations in your area if you have problems getting that consent. You can then ask them to enforce the landlord to grant you permission for subletting the condo. Most associations would typically side with the tenant’s request if the landlord is being unreasonable.
Keep in mind that in most cases, condo subletting has a limit on how much you can charge the renter. Usually, you are not allowed to charge the renter higher than what you are paying the landlord.
In cases that the landlord discovers that you are subletting your condo to a different party and you didn’t ask for consent, the landlord has only 60 days to report to the proper associations or authorities with regards to fees or canceling of your lease. Once the 60 days has passed and the landlord does nothing, then the landlord must accept the new renter as a tenant.
There are plenty of reasons why subletting your condo may be the option for you. However, make sure you know what you are getting into before finalizing anything. If you think that condo subletting is the best option for you, then make sure that you ask a written consent from the landlord to avoid problems down the road. If the landlord is being unreasonable, then you can report to the proper associations and authorities to enforce the consent or cancel your lease.
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