If you plan on subletting your apartment, please read through the following information.
- All sublet contracts need to be executed through the Bankier Office. The sublease contract is an agreement between the original resident referred to as the sublessor, and the new resident referred to as the sublessee.
- It is your responsibility to find your own sublessee(s). You may also add your name to the sublet list on the Bankier website. We also suggest you place an ad on Craigslist.com and post flyers. Remember, as the original tenant you are ultimately responsible for the lease obligation should your sublessee(s) fail to pay or damage the apartment. Choose responsible individuals as your sublessee(s).
- Any outstanding balance must be paid in full before a sublease agreement can be signed. There is a $100.00 fee due at the sublet signing.
- Regardless of whether there is one person or the whole apartment being sublet, all of the original tenants on the lease must agree and sign the sublease.
- The sublease expiration date cannot exceed the end date of the original lease.
- We strongly recommend that the sublessor(s) require the sublessee(s) to pay a security deposit. The security deposit is paid directly to the sublessor(s). We recommend that that one of the sublessees and one of the sublessors inspect the apartment together at the beginning of the sublease noting the condition of all items in the apartment. Both parties should sign it and keep a copy for themselves. The sublessor(s) are required to return the sublessee(s) security deposit within 30 days of the end of the sublease agreement. If the sublease end date coincides with the end of the original lease, the sublessor(s) will wait to receive the information on deductions from the original security deposit paid to Bankier Apartments, then deduct damages if needed. If the sublease end date is prior to the end of the original lease, the sublessor will need to inspect the apartment for damages and determine whether to charge the sublessee(s).
- Remember, you should have paid your last month’s (August) rent when you moved in. If you did, then your sublessee(s) should pay August rent to you. If you are unsure if you paid July’s rent please call the Bankier Office.
Subletting only adds a new person to your apartment; it does not release the original tenant from any financial responsibility. If your sublettor damages the apartment or does not pay rent it will ultimately come back on you. Make sure you are comfortable with the person you are subletting to.