Subletting and Lease Assignment | Boulder Subletting Attorney
As a Colorado real estate attorney, an acute understanding of the law, an eye for detail, and broad experience are necessary to be able to identify and resolve the dizzying variety of complex, often archaic legal issues that may come up in any given real estate transaction, dispute, or lawsuit.
There are innumerable reasons why people need to move out early. In the commercial setting, it could be that a business venture just is not working out like you thought it would, or it could be that you have decided to move on to a bigger and better location to better serve your clients/customers. In the residential setting you might have just purchased a house and are excited to move in, or it could be that you’ve decided to broaden your horizons and take a several month trip across Europe.
Whatever the reason it is important to consider your options carefully before breaching a lease. Most commercial leases are accompanied by a personal guarantee by the owner of the business that is a party to the lease. An early breach could trigger a liquidated damages provision or result in large actual damages incurred by the landlord. In the residential setting most tenants as well as landlords understand that nobody wins when a tenant simply moves out and leaves the landlord scrambling to find a new tenant.
It is often beneficial to landlords and tenants to work with each other to come up with a mutually beneficial solution. A lease is assigned when, with the permission of the landlord, a tenant transfers the entire unexpired remainder of the lease term to a new tenant. The new tenant has a lease with the landlord and the original tenant is relieved of his or her obligations under the lease. A sublease is similar to a lease assignment except the original tenant remains responsible for the terms of the lease. For example, if rent is not paid by a subtenant, the landlord could seek payment from the original tenant, the subtenant, or both.
If it is worth doing it is worth doing right. If you are in need of a real estate attorney to draft or negotiate a lease assignment or sublease, do not hesitate to call Newell Law today to see how we can help.
If you are involved in a real estate dispute, real estate or business litigation, or need advice or representation in a real estate transaction, and are looking for a Real Estate Attorney in Colorado with a results oriented, cost-effective approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to achieve the best results possible for your case.