To effectively navigate the rental process, it's essential to understand the distinction between subletting and subleasing.

Subletting vs. Subleasing:

• Subletting (Lease Transfer or Lease Assignment): In a sublet, the original tenant transfers their entire lease to a new tenant, who then enters into a direct agreement with the landlord. This means the new tenant assumes all responsibilities under the lease, and the original tenant is released from their obligations.

• Subleasing: In contrast, a sublease occurs when the original tenant rents out their space to a subtenant while retaining responsibility for the lease and rent payments to the landlord. The original tenant remains liable for the lease terms, even though they are not living in the property.

In simpler terms:

• If you plan to leave for a specific period but intend to return to the property, you should pursue a sublease.

• If you want to permanently vacate the property and replace yourself with someone else on the lease, you should opt for subletting.

Process for Each:

Subleasing (temporary stay):

1. Ask the sublessee to complete a form at sublease.MTLRENTS.com

2. While no additional requirements are necessary from us, we strongly recommend that both parties create a written contract outlining the terms of the sublease. This contract does not need to be disclosed to us (sample contract).*

*No fee(s ) payable in this option

Subletting (Lease Transfer/Assignment):

1. Prepare a written approval letter from all of your roommates confirming their agreement with the new tenant.

2. Have the prospective subletter fill out the form at sublease.MTLRENTS.com

3. We will send a letter of guarantee to the subletter's parents, which must be filled out and signed electronically.

4. Upon receiving the completed letter of guarantee, we will provide a lease transfer contract for both parties to sign electronically.

5. Please note that there will be an administration fee of $50 payable by the main tenant(s).

By following these guidelines, you can ensure a smooth transition whether you choose to sublet or sublease your rental property.