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Subletting |
Also found in: Dictionary/thesaurus, Financial | 0.01 sec. |
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The leasing of part or all of the property held by a tenant, as opposed to a landlord, during a portion of his or her unexpired balance of the term of occupancy. A landlord may prohibit a tenant from subletting the leased premises without the land-lord's permission by including such a term in the lease. When subletting is permitted, the original tenant becomes, in effect, the landlord of the sublessee. The sublessee pays the rent to the tenant, not the landlord. The original tenant is not, however, relieved of his or her responsibilities under the original lease with the landlord. A sublease is different from an assignment where a tenant assigns all of his or her rights under a lease to another. The assignee takes the place of the tenant and must deal with the landlord provided the landlord permits it. The original tenant is no longer responsible to the landlord who consents to the termination of their landlord-tenant relationship. Cross-referencesHow to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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