Transfer Of Apartment Lease Agreement

Section 81 of the Residential Tenancies Act 1997 includes the transfer (transfer of the lease from one tenant to another). It says that if you are selling an apartment or house that you have previously rented under a rental agreement and you do not have to compensate the tenant for the termination of the lease, there are two ways to reduce the risk. The first option is to include in the contract of sale of the property a clause stipulating that the purchaser of the property cannot terminate the fixed-term lease or that he is otherwise responsible for the damage that belongs to the tenant. This obviously does not exclude the right of the new owner of the apartment to terminate the rental contract within three months of the date of purchase, nor the right of the tenant to be compensated. This means, however, that if the new owner still exercises this right of withdrawal under a fixed-term lease, you can obtain compensation if the new owner claims damages on the basis of the sale contract. In other words, if the tenant is harmed, you must always determine the harm to the tenant. However, after compensating the tenant, you can recover the damage from the new owner of the property that bought it from you. For example, imagine you`re renting $1000 a month and there`s six months left on your lease. If you want to leave, you`re liable for $6,000 in damages.

By finding a tenant who wants to take over the remaining six months of their lease, you give your landlord the opportunity to avoid this damage. In this situation, the landlord is required to give you the lease and accept all qualified tenants you present to them. If a tenant wants to leave and has found someone to take over the remaining tenancy period, they can transfer the lease to the new tenant. Riccardo ensures that the lease will be transferred in Andy`s name and mel from the date he moves. Otherwise, Riccardo could be held liable for future rents or other bills if Andy or Mel did not pay them. When purchasing a property, especially a residential or commercial property, always check whether the previous owner has entered into a lease agreement for the property and whether the property has been returned to the tenant.