What is a Lease Assumption?Legally a lease assumption is the passing along of your right to occupy your unit per the terms and conditions of your lease agreement. Your lease is a legal document, and you can, with our approval, allow another person to assume this lease. The person that assumes your lease, also assumes the terms of that lease, which include a rental rate, security deposit and term (among other things).
Need to Have Your Lease Assumed?We understand that sometimes life throws us curve-balls and that you might need to break your lease. We offer lease assumptions which means that another qualified applicant could take over your lease. You would be signing them onto your lease and they would sign you off. You would be responsible for the lease and any rent due until the lease and roommate change form is completely signed by both parties.
- Deposits - The original deposit that you put down on the house would stay with the lease. The new tenant would be paying you the deposit. IPM will not be transferring any money.
- Accepting House As Is - No turnover will be completed with a lease assumption. Carpets will not be cleaned before a new tenant moves in.
- Marketing and showings - IPM will help marketing the home, but you will be responsible for showing the home. IPM will market through our available channels (Craigslist, website, Zillow, etc.) but all listings will have your phone number and e-mail address.
- Fees - Once you have turned in notice that you would like a lease assumption a charge of $150 will occur. This is to cover administrative fees necessary. This cost will not cover any other costs associate with the lease assumption.
- Move Out/In Dates - You will need to coordinate your move out date and the new tenant's move in date. IPM can arrange to have everyone meet in the office to sign the necessary paperwork which might be a good time exchange keys and security between parties.
When Can I Move Out?You can move out at any time, but keep in mind that you must continue to pay on your lease until someone else takes over it. You will be required to make your monthly rent payments as if you were still living in the home until your lease assumption is approved and the new tenants are on the lease.
What if I just leave without working to get my lease assumed?If you decided to leave with working it out to get your lease assumed, you are still on the hook for lease and all rent payments due. This can either lead to you getting an unlawful detainer for not paying rent or it will be considered abandonment of the home. Both an unlawful detainer and abandonment will make it very difficult for you to rent in the future. If you have a co-signer this could mean our attorney will go after them and yourself for payment. If no payments are made, your account could be sent to collections. We want to help you with your lease assumption! Talk to us before just leaving your lease and the home.
How is the paperwork done?The paperwork to sign you off the lease and someone new onto the lease will be emailed to everyone once we have an approved application. You will received a room mate add and delete form. The room mate add form will be adding the newly approved tenant onto your lease. The room mate delete form will then take you off the lease. This is all done at once to ensure all forms are signed and you are fully taken off the lease. Once these papers are signed we will move you out and off the lease.
What if I can't find someone to assume my lease?Unfortunately if you are unable to find anyone to take over your lease you are still required to pay on your lease until it has ended. People are always looking for homes so we would continue to help you market the place and try our best to assist you with finding someone to take over the lease.
Ready to Start?Start your lease assumption process here
Looking to Assume a Lease?You will be taking over a lease, which means you'll be held to the agreement you are assuming.
How Do I Pay the Deposit?The original deposit put down on the lease will be staying with the home and lease, you will then be paying/reimbursing the people whose lease you are taking over. They may have already put down a $2000 deposit, once they are signed off the lease they lose all rights to that deposit. It is then your deposit. Which means you would need to work with them to figure out what is fair for you to pay them for the deposit. That original deposit would be returned to you at move out. We can verify how much of a deposit was originally put down, don't hesitate to ask. It would be up to you and the old tenants to work out the amount due. Keep in mind that at move out you the deposit will cover any damages made by either you or the original tenants.
What will I be charged for against my deposit when i move out?You will be charged for all damages made by either you or the original tenants. Since you have taken over the lease and the original deposit you would also be responsible for all turnover charges (painting, cleaning, carpet cleaning, patching, etc.) Even if you take great care of the home. The old tenants might have punched a hole in the wall, that repair cost would be taken out of the deposit. With a lease assumption you are taking a home as is knowing all current damages will have to be paid at move out. This would be important to work out previous damages when exchanging money with the previous tenants.
What Does a Lease Assumption Mean for Me?A lease assumption to you means that you are taking over a lease that still have time left on it. This also means you are taking over the current terms and deposit. You will be upheld the same way as any other tenant. The only main difference a lease assumption means for you is that the home will NOT be turned over. You are taking that home as is. Carpet will not be cleaned, painting will not be done, holes will not be patched. Deposit are also a little different with lease assumptions. The original deposit put down on the lease will be staying with the home and lease, you will then be paying/reimbursing the people whose lease you are taking over. They may have already put down a $2000 deposit, once they are signed off the lease they lose all rights to that deposit. It is then your deposit. A lease assumption means you would be taking over responsibility for current lease and whatever terms have been agreed upon originally. We would still need applications for new tenants and they would be required to meet qualifications set by IPM. Once they are approved we can sign you onto the lease and then sign the original lessors off the lease. Some points to keep in mind:
- There is no turn over- you are accepting this unit as is. Any damages done by the previous lessors will now be your responsibility at move out. Carpets will not be cleaned.
- The original deposit will stay on the house so you will be paying a deposit to the original lessors. Keep in mind to deduct for any damages that might be taken out of the deposit when you do move out. Please feel free to confirm any deposit amounts originally put down.