What's New? | Young America Realty
What does it mean to sublease?
When someone signs onto a lease and no longer can fulfill the terms, their primary option is to sublease the apartment for whichever term they cannot fulfill. This can be done for an entire lease (June through May), or for one semester (fall or spring). Since summer is such a short term, there is no paperwork or fee required. However, if you would like to develop your own sublease contract it wouldn’t hurt in order to protect your interests! Let’s be clear on the terminology of the sublease: a sublessor is the person who originally signed the lease and the sublessee is the person they are subleasing to. When a sublessee signs onto a lease under someone, they are then taking over the lease for the terms laid out in the sublease contract. However, it is important to remember that per Illinois law, the original lessee is still ultimately responsible for the terms of the lease (including payments). The sublessee must abide by the terms of the lease and are liable for all payments set forth in the contract.
What is necessary to complete a sublease?
Once you have found someone interested in subleasing your apartment, you both need to come to the office and fill out the subleasing paperwork. This consists of both parties signing a sublease contract, paying a subleasing fee, and then the sublessee signing the original lease. The sublease contract states exactly when the sublessee will move in and move out of the apartment as well as when they will make payments and the amount. Per the original lease, there is a $100 subleasing fee for this process which the two parties decide who will pay. Sometimes the original lessee will pay, sometimes the person subleasing will pay, and sometimes they will split it 50/50! It’s really up to you!
After the sublease contract is completed, the sublessee will proceed getting their account set up with Young America, just like any other new resident. The first step is pre-registering online (this is done at yarealty.com/apply). Then they will fill out an information sheet in the office which includes some contact information as well as the service fee and security deposit, which is currently $50 and $150, respectively. Even as a sublessee, there is still a security deposit, because the original lessee will have their security deposit reimbursed. It is reimbursed at the end of the original lease term, due to their responsibility as the original lessee. Finally, the sublessee will sign onto the original lease under the lessee’s name. This completes the process and transfers the apartment from the lessee to the sublessee! (Remember, the original lessee is still ultimately responsible for the financial obligations to the lease.)
Are there any other options to cancel a lease?
A lease is a binding contract, and our leases do not offer a cancellation fee. Subleasing is your best option if you find you cannot live in the apartment, and Young America has made the subleasing process as simple as possible for our tenants. We even have a section of our website where you can advertise your need for a sublessee! All you have to do is call the office and we will post your information.
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