Hi BP Community,
I have a rental in Philadelphia with 2 tenants that are both on the annual lease that goes until the end of Sept. One of the two tenants recently got a job out of state, in which they want to sublet and has a candidate that meets all of screening requirements. If I move forward with this candidate and allow the sublet, how should I proceed in updating the lease/ creating a new lease with the new tenant? What options do I have?
Any help would be greatly appreciated!!
You are able to assign the lease over to the new tenant if that is what you wish. This would effectively remove any and all obligation from the old tenant to the new tenant while leaving the existing lease in place. If you opt for a sublease, then the original tenant as well as the new tenant will both be liable for the existing lease. Good luck!
Thanks so much Hubert! Much appreciated!!