3 Methods for Re-Renting an Apartment
Three methods exist for re-renting your apartment.
- Novation
- Assignment
- Sublet
The method that is used is determined ultimately by the landlord, however if you know which is which you can approach your landlord with a method suggestion.
Novation
Novation is a release and surrender agreement between the landlord, the original tenant, and the new tenant. In novation, the original lease is ended by agreement with the landlord, thus freeing the original tenant from further contractual obligations. A new lease is drawn between the new tenant and landlord, and the new tenant pays rent directly to the landlord. Although not required by law, some landlords request payment of a fee in return for novation.…