A sublease is an agreement between yourself and a third party ‘sub-tenant’ under which you agree to give the sub-tenant the exclusive right of possession of the whole or part of the premises. The rent payable to you by the sub-tenant and the sub-tenant’s other rights and responsibilities should all be contained in the Sublease Agreement.
With a Sublease Agreement, the tenant is responsible to you, not your landlord. The lease you have entered into with the landlord will remain in full force and effect and you will continue to remain responsible under your original lease to the landlord until the lease ends.
Be aware that the term you are giving your sub-tenant cannot be more than the term you are entitled to under your head lease with the landlord.
First you’ll need to make sure that the terms of your original lease allow you to sub-let and you will need to ask for your landlord’s permission in writing first.
Make sure you check your original lease before committing to anything and get the landlord’s consent to sublet if it is required.
If you are a tenant in a commercial property, you might be able to assign your lease rights and duties to a third party. The third party ‘assignee’ agrees to take your place as tenant on your lease with the landlord. The assignee will assume all of your rights and responsibilities and essentially will become the tenant under the original lease with the landlord.
You will need to make sure a sublease is possible under the terms of the lease to begin with. Once you know you can do it, you’ll need to find a potential sub-tenant and get the landlord’s consent in writing. After this is sorted, you’ll have to draft and enter into a Sublease Agreement for Commercial Property that states the rights and duties of each party.
The Sublease Agreement should clearly and precisely deal with the following issues;
identification of the parties, term of the sublease arrangement, the rent and how it should be paid, repairs and maintenance, Insurances, head tenant’s duties, sub-tenant’s duties, etc.
It may be possible to enter into a sublease agreement for only part of the premises. Again, you’ll have to make sure that this is not in violation of the original agreement with your landlord and get your landlord’s written consent if necessary.
Like any other legal agreement, your Commercial Sublease needs to be well written, easy to understand and precise, allowing no room for error.
Your ready-to-use kit includes everything you need to sublet commercial property;
Our fully secured ecommerce system allows you to purchase and immediately download this Agreement safely and with complete peace of mind . In just a few minutes you can have your professional legal agreement.Buy and Download Commercial Sublease Agreement Template