Landlord Considerations When Drafting Assignment and Subletting Provisions

Limiting a tenant’s ideal to transfer the residence it is leasing to a 3rd celebration is a critical component to any lease. Lots of loan providers demand landlords to get hold of financial institution consent ahead of the transfer is powerful. Failure to get hold of this kind of consent could direct to a landlord’s default beneath the conditions and circumstances of the loan paperwork, so it is crucial for a landlord to evaluate its loan paperwork every time it gets a request from a tenant to transfer its interest beneath the lease.