Sublet/Lease Buy-Out Info
If you need to vacate prior to your lease end date, Midland Rental Properties offers two options: Subletting or an early termination buy-out. Please make note that, you are only allowed to exercise ONE of these two options. Please read over the information for both options very carefully before committing to either one.
We hope that you understand that these options have been provided for your convenience. Please remember that your lease is a legally binding contract and Midland Rental Properties is in no way required to provide these options. Also, please keep in mind that we must strictly adhere to the guidelines in order to ensure that all situations are treated fairly and equally. There are absolutely NO exceptions to the guidelines. Please contact our office if you have any questions regarding our guidelines.
- LESSEE must submit, in writing, a request to sublet their rental unit. This request must include all names on the lease, address, date of request, the date of move-out and any concessions or discounts that may be offered and the signature(s) of all tenants on the lease. e.g: We, John and Linda Smith, request approval to sublet our townhouse. We will be moving out on April 3, 2012 and will be willing to offer a discount of $100 off each month’s rent for the remainder of our lease term.
- LESSEE will advertise the property for rent and will be responsible for all advertising costs.
- LESSEE is responsible for all terms of the lease during the search for a SUBLESSEE.
- When an applicant meets Midland’s application standards and is accepted by all parties, the SUBLESSEE will sign on to the LESSEE’S original lease. LESSEE is still responsible for all terms of the lease along with the new SUBLESSEE.
- There is a one-time, non-refundable sublet processing fee of $50.00. This fee is required at the same time the sublet paperwork is turned into the rental office.
The following items apply to all sublets:
- The rental is accepted as is. Midland will not clean appliances, flooring, steam clean carpets or paint the rental unit.
- The security deposit is due upon execution of the sublet. The security deposit is equal to one month’s rent. The lessee’s security deposit will be returned within 30 days of move-out.
- Any discounts that the lessee offers to a sublessee are due to be paid in full to Midland Rental Properties prior to the sublessee moving in. This payment must be made by money order or cashier’s check only.
LEASE BUY-OUT GUIDELINES
Tenant may terminate the Lease, prior to the expiration of the Lease Term, provided Tenant is not in default hereunder at the time of giving notice and further provided:
- Lessor receives from tenant at least a thirty(30) day written prior notice of termination, with such termination to be effective at the end of a leased month. e.g: I John Smith request approval to terminate my lease for my townhome located at 1234 Midland Rental Properties Drive as of April 30, 2012.
- Tenant pays Lessor all monies due through the date of termination, plus the amount of $2,000.00, as consideration for early termination. Payment must be a certified check or money order. Personal checks will only be accepted if sumitted no later than 21 days prior to the termination date.
The early termination of lease shall not release Tenant of any responsibilities and obligations regarding damage to the leased premises nor be construed as a waiver or release of Tenant from payment of rent and other charges due for rental periods prior to the date of the proposed termination. No notice of termination shall be effective unless and until the consent and signatures of all Tenants on the lease are obtained and submitted to Lessor.