South Carolina Landlord Tenant Sublease Package

The names of the parties (the tenant, the subtenant and the landlord); information of the master/original lease; the term of the sublease and whether the sublease is fixed or periodic; and. the amount of rent payable (if different from the master lease).

Subleasing occurs when the tenant transfers a part of their legal tenancy to a third-party as a new tenant.That means that if a new subtenant does not pay rent for three months, the original tenant that subleased the property is liable to the landlord for the overdue rent amount and any late fees.

Oftentimes, sub-tenants have the right to be presented with an eviction notice in advance of having to move out and, in some jurisdictions, may be able to bring a lawsuit against the landlord.

When a tenant finds a subtenant for an apartment, the tenant is still responsible for paying monthly rent, covering the security deposit and making sure any other fees get paid.So, it is in the tenant's best interests to take a security deposit from the subtenant.

On your sublease agreement, include a list of various areas of the property (including the subtenant's room, hardwood floors, walls, exterior, etc.) and note its condition. And since you and your subtenant will need to abide by the original lease that you signed, it's important to include this with your sublease.

To know what rights you have as a subletter, as well as if you're allowed to be there in the first place, make sure to read the original lease between the landlord and the original renter before signing a sublet agreement. Also know that you have the chance to negotiate a rental price with the original renter.

Record a liability calculated as the present value of the remaining minimum lease payments due under the original (head) lease, reduced by the present value of any estimated sublease income, Write off the deferred rent from the original lease, and. Record a loss on the income statement for the difference.

Figure out if you need a security deposit from the subletter. A security deposit ensures that any damages to the home will be paid for. If you're considering subleasing an apartment, you may want to request a security deposit to ensure you won't be responsible for the damages the sublessee has caused.