Lease Takeover / Lease Reassignment
Are you looking to reassign your lease or have someone takeover your lease? Our Lease Takeover Process can make it possible - provided all proper steps are followed, the qualifications are met and the application is approved by management.
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What is a Lease Takeover / Lease Reassignment:​
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A lease takeover - also known as a lease reassignment - is a legal process in which an existing tenant (the outgoing tenant) transfers their lease agreement to a new tenant (the incoming tenant) for the remainder of the lease term. Once the process is completed and approved by the Landlord, the incoming tenant takes on all rights, responsibilities and obligations of the lease, and the original tenant is usually released from further liability.
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It is not the same as subletting, where the original tenant remains legally responsible for the lease while someone else temporarily lives in the apartment. Learn more about Subletting.
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Lease Takeover / Lease Reassignment Policies:
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Timeline for Notice of Intent: We require at least 3 months notice of intent from a tenant from the day of when the transfer will happen.
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Last Minute Changes not Allowed: If the lease takeover is still not finalized within 2-3 weeks before the intended lease takeover date, we cannot guarantee that the banking/rent pull system will be updated in time for the takeover. (i.e. if the lease takeover date is Aug 1 and the leasing paperwork has not been completed/finalized by July 15, rent payments will remain the responsibility of the current tenant on August 1st)​
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Dates of Takeover: A lease can only be taken-over on the first day of a calendar month - you cannot transfer your lease in the middle of a calendar month.
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Multiple Tenants: One roommate in a lease agreement cannot do a lease takeover to another roommate. It's either all tenants on the lease or none. If it's just a roommate, then the Sublet Process is available to that tenant.
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Responsibility for the Unit: Until a Lease Takeover is fully approved and finalized, the original tenant remains legally responsible for the unit and the existing lease agreement - including rent payments, utilities and adherence to the lease terms. This means that:
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You cannot move out and assume the lease will be taken over later
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The new incoming tenant cannot move in early unless the landlord has formally approved the takeover and specific start date has been agreed upon
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Rent continues to be due, in full, until the lease is officially reassigned
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Even if you give 3 months notice, and if you cannot find someone to take over your lease, your lease obligations will remain until you do find someone.
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Initial Step by Step Process:
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Notify Management: We require as much advanced notice as possible to do a lease takeover. You must give us at least 3 months notice of intent, if not more.
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Send an email to admin@arwebber.com that includes the date of when you want to initiate the lease takeover and when you plan to move out. ​
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All current tenants on the lease (if applicable) must be included (CC'd) on this email
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Pay Lease Takeover Fee: Once we receive the email from you, we will discuss if you are eligible for initiating a lease takeover, and if so, we will require you to pay a Lease Takeover Fee of $75 via etransfer. We will provide you with instructions on how to make that payment. We will not move forward with next steps until that fee is paid.
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Find a Replacement Tenant for the Lease Takeover: The outgoing tenant(s) are responsible for finding someone new to takeover the lease.
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You are responsible for advertising, touring and doing your own screening of new tenants
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Once you have found someone you want to move forward with, direct that person to fill out the Lease Takeover Application Form below. This application will be sent to us.
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Landlord Application Review & Approval: We will receive the application form, our team will review the application and will go through our standard approval process.
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If the applicant is approved, we will reach out to you via email first to let you know they've been approved and confirm whether or not you want to move forward with this person.
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We will then send an email to both you and the applicant with the next steps regarding the leasing paperwork.
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IMPORTANT INFO TO KNOW ABOUT LEASE TAKEOVERS:
SECURITY DEPOSIT: A security deposit is required to be on file for the apartment. You will have a couple options regarding the security deposit, but generally the incoming tenant is expected to reimburse the outgoing tenant directly for the full amount of what they paid for the security deposit. The security deposit held on file by the landlord will then be transferred to the new incoming tenant.
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APARTMENT TURNOVER / UNIT CONDITION: In a lease takeover, the incoming tenant accepts the apartment in the condition it was left in by the outgoing tenant. Unlike a new lease where the Landlord ensures that cleaning, repairs and a full turnover has been done of the unit before a new tenant moves in, no such services are performed during a lease takeover. The landlord is not responsible for preparing the unit, as the lease is simply being reassigned - not restarted. We strongly recommend that the outgoing tenants and the incoming tenants communicate clearly to ensure that expectations around cleanliness and conditions are aligned.
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It is expected that the outgoing tenant has all of their belongings moved out of the apartment by no later than 12pm on the last day of their lease (the day before the lease takeover is initiated, i.e. August 31st for a takeover happening on Sept 1st). We strongly recommend open communication between the two parties to ensure move out and move in plans are agreed upon.
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KEY EXCHANGE: It is the responsibility of the Outgoing Tenant to coordinate giving the new Incoming Tenant their set of keys. If an additional set of keys is required, the new incoming tenant can request that from the Landlord.
TENANT INSURANCE: We require all tenants to have active tenant insurance for the duration of their tenancy. The new incoming tenant will be required to provide proof of tenant insurance before moving into the apartment.
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UTILITIES: The new incoming tenant will be responsible for any and all applicable utility payments for the unit that were being paid by the outgoing tenant. (I.e. the new incoming tenant will have to setup their own Nova Scotia Power account for the 1st day of the lease takeover)
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LEASE RENEWALS AFTER A LEASE TAKEOVER: If a tenant is taking over a lease with little time remaining in the lease, we will require the new incoming tenant to let us know if they want to renew the lease when this term ends or if they plan on moving out when this lease term ends.
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