transfer lease property

How Do I Transfer My Apartment Lease?

• Depending on your lease and its clauses, your apartment lease transfer could be seamless or a real nightmare
• Your landlord may charge you a fee to transfer your lease to screen the new candidate on top of your next month’s rent
• If you’re thinking of moving, here’s what to watch out for when requesting an apartment lease transfer

Muriel Vega

June 16, 2020

You've been at your dream apartment for years. But all of a sudden, your job situation has changed, and you have to move closer to work.

The problem is, you just re-signed your lease, and you don't want to absorb the crazy high fee that comes with breaking it. Depending on your lease, you may have to pay for each month you're not there .

One solution: An apartment lease transfer.

What is an apartment lease transfer?

An apartment lease transfer is a situation where another person takes over your lease after getting approval from your landlord.

You'll be in charge of finding a responsible tenant to take over your lease and pay the remaining rent directly to your landlord . But the best part of this arrangement is that you won't be responsible for the new tenant's behavior.

So, how can you get started with your lease transfer?

1. Consult your lease agreement

First, you need to read your lease and see what your restrictions are. You need to know where you stand and what your options are before reaching out to your landlord.

For example, are you allowed to do an apartment lease transfer, and if you are, what are the fees and costs? You may be required to pay an upfront transfer fee, plus, in some instances, lose your security deposit or last month's rent payment.

Read carefully if your apartment lease has one of the following clauses about breaking your lease .

Tenant-responsible clause

When you decide to break your lease, the responsible tenant clause says that you're accountable for the rent since you're on the lease, but only until you line up the next resident. This clause is the best-case scenario for a full-lease transfer, as once the new tenant signs the lease, your responsibility ends as the ink dries on the dotted line.

Lease buy-out clause

While this scenario still allows you to break your lease, it's not very lease transfer-friendly. This clause requires the tenant to pay a buy-out fee to get out of their lease, plus sometimes, up to an extra month of rent. This payment essentially breaks the lease and allows the landlord to start over. There's no lease transfer or subletting available.

No clause restrictions

Your landlord could've used a generic lease, and there's no clause in case you need to break your lease or do a lease transfer. This can be either a good or bad thing. Your landlord may be OK with a 30-day heads up and let you out of the lease with no fees or headaches. Of course, always terminate the lease in writing to protect yourself.

Or your landlord could charge you the full amount left on the lease. State laws can come in handy if there are protections available in your area.

2. Talk to your landlord

Your relationship with your landlord will come in handy here — all those on-time payments and quick replies. Even if your lease has a strict clause on no apartment lease transfers, it's worth bringing it up with your landlord.

Come into the conversation with a reliable, financially-stable tenant with good references to take your place, an open mind to negotiate on fees and the paperwork needed to transfer the lease once approved. Bring a few possible tenant ideas, with references and work histories, and, if financially feasible, offer to pay the background check on the chosen one.

3. Get it in writing

Once approved, get it in writing — type up a quick agreement, and you both can sign it.

Also, bring an assignment of residential lease agreement with you for your landlord to review. It will show them that you're serious about this transfer and doing your due diligence.

This agreement , if approved by the landlord, will be signed by you, the landlord and the new tenant. You'll need both written agreements to protect yourself as a former tenant. It's highly recommended to get them both notarized to avoid disputes at a later time.

Regardless of your landlord's approval, don't count on getting your security deposit right away. Unless the landlord agrees to give it to you early, usually, you have to wait until the end of the lease (yes, the lease you transferred). So, be sure to deep clean the unit and take photos to make sure you get that deposit back.

4. When all else fails, sublet

You had a constructive conversation with your landlord, but no dice on the lease takeover. Pitch him subletting instead to avoid the high costs of breaking a lease if allowed by the lease. Subletting is not the same as a lease takeover, however.

Subletting is where you find someone to pay your apartment's rent, but your name is still on the lease. This is a last-ditch effort, as it comes with the stress of keeping up if the new tenant paid the rent or not. And if they didn't, you're on the hook for an unexpected rent payment. Some people open up their apartments to home-sharing apps like Airbnb, but it also requires prior landlord approval.

Proceed carefully with subletting as it could affect your credit score, and your security deposit may disappear if they trash the unit and leave you with the bill.

After you complete your apartment lease transfer

Once everything is set in stone (and in writing) with your landlord, set a moving date with the new tenant. It's nice to share the quirks of the apartment, the utilities they're responsible for and any advice with dealing with the landlord.

Now that the responsibility of the apartment lands on the tenant's shoulders, thanks to the apartment lease transfer, you can rest easy as you pack up and get going to your new dream apartment.

The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal, medical or financial advice. Readers are encouraged to seek professional financial, medical or legal advice as they may deem it necessary.

About the author.

Muriel Vega is an Atlanta-based journalist who writes about technology and its intersection with arts and culture. She's worked on content for startups like Mailchimp, Patreon, Punchlist, Skillshare, Rent. and others. Muriel has also contributed to The Washington Post, Eater, DWELL, Outside Magazine, Atlanta Magazine, AIGA Eye on Design, Bitter Southerner and more.

How to transfer your lease: A simple guide

By Anika Legal | Thu 7th Jan. '21

On a fixed-term lease and need to move? Don’t fret – breaking your lease is not your only option! Breaking your lease can be incredibly stressful for both the landlord and tenant – but you can avoid this mess by getting your lease transferred. Here’s a simple guide on what you need to know.

If you don't know what "breaking a lease" means or you are thinking of breaking your lease, have a read of this post too - " What are lease breaks, and why can't I just leave my property? ".

Before beginning the lease transfer process, it helps to understand your rights and responsibilities to avoid any nasty surprises and unnecessary stress. If you are renting a property, you would have signed a lease agreement at the beginning of your tenancy. A lease is a binding contract containing what your rights and obligations are throughout your time in the rental. If you don’t have a copy, your agent is legally required to provide you one.

A lease transfer is effectively changing that lease from your name and transferring all those rights and obligations to another person who will be taking over the lease.

But be mindful of when the lease transfer begins. Generally, tenants are required to pay their rent a month in advance. Make sure the person transferring onto the lease understands when they need to make their first rent payment to avoid any late payments.

‍Find someone to take over your lease

• In order to transfer your lease, there needs to be someone to transfer it to. Although your landlord cannot unreasonably refuse consent, maximise your chances by finding someone who has a good rental history and the financial capacity to pay the rent on time.
• Most agents will request the prospective tenant receiving the lease transfer to put in an application (same as if you were to apply to any other rental property). Make sure the prospective tenant provides supporting documents such as payslips and rental receipts to support your request and remove any doubt of your ability to be a reliable tenant.

Get written consent from your landlord

• You must get written consent from your landlord if you want to transfer your lease. Verbal consent through a phone call or a face to face meeting will not be sufficient. If you try to transfer your lease without your landlords’ written consent, it will be invalid and void.

By law, a landlord must not unreasonably withhold consent for a lease transfer. If a tenant believes their landlord has unreasonably withheld their consent, they may apply to VCAT. VCAT will hear from both parties and will either:

• Decide that consent is not required and let the lease transfer go ahead without the landlord’s consent; or
• Decide that it was not unreasonable to withhold consent and uphold the denial of the lease transfer, disallowing you from transferring your lease.

What exactly does it mean to ‘unreasonably withhold consent’? Unfortunately, there is no solid definition. Factors VCAT may consider include the prospective tenant’s ability to pay rent and their previous rental history.

Your landlord may require you to pay an administration fee for the reasonable costs of preparing a new lease. Your landlord cannot charge you a fee for them to consent and they cannot refuse giving their consent to the transfer of your lease because you have refused to pay the fee. But what happens if you have already paid a fee to your landlord for their consent? If this is the case, then you can apply to VCAT to get an order for the landlord to refund the fee.

Like the lease, the bond needs to also be transferred. This does not happen automatically. To transfer your bond, your landlord or agent will need to submit a tenant transfer with the Residential Tenancies Bond Authority (RTBA). Once the transfer has been submitted, all tenants will receive an email from the RTBA where they will need to accept the transfer. Once all parties have accepted the transfer, the bond has officially been transferred.

But beware , transferring your bond through the RTBA only transfers the name, NOT the actual money. The transfer or exchange of the actual bond money is the responsibility of the transferor and transferee to do themselves. This means that the person transferring into the lease must provide the bond money to the person transferring out of the lease. It is critical to ensure that both parties of the lease transfer are aware of this. If you are leaving the property, do not agree to the transfer of the names on the RTBA records before you've received the money from the person taking over!

It is not uncommon for one of the tenants on a lease to transfer their tenancy to someone else. This is referred to as transferring co-tenancy. The process for transferring co-tenancy is the same as a full lease transfer (as explained above).

Essentially, instead of the whole lease being transferred from one person to another, a co-tenancy transfer only transfers the rights of the person transferring out with the person transferring in. The tenants on the lease who were not involved in the transfer will not be affected.

If you are undergoing a co-tenant transfer, be mindful of how the bond is divided. The RTBA will only transfer the names on the bond. However, like a full lease transfer, the exchange of bond money is a private matter that needs to be worked out between tenants.

The bond is generally divided between tenants in co-tenancies. As a tenant transferring in, ensure you know how much bond you are responsible for. A bond is not always divided equally between tenants. As a tenant transferring out, make sure you have clearly communicated with the person replacing you how much bond they are responsible for to prevent any issues arising and to ensure you get the amount of bond you initially contributed back.

We hope this has cleared up some of the ins and outs of lease transfers – stay tuned for more helpful tenancy tips and blog articles !

We last updated this page in March 2022. Please remember that this is only legal information. If you're thinking about taking action, you should chat to a lawyer for advice about your situation first.

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Understanding Property Lease Transfer: Key Steps & Options

Understanding property lease transfer involves comprehending the critical steps and options available when transferring a lease from one tenant to another. This process requires knowledge of lease assignment, early lease termination, and the effects of termination clauses on the lease transfer. Leasey.AI, a company proven in navigating these processes, stands as a crucial resource for property managers seeking guidance.

Exploring Real Estate Lease Assignment

What defines a successful lease assignment process, how to navigate lease termination early, can termination clauses affect a lease transfer, steps for seamless rental agreement handover, what are key documents in rental agreement succession, what is subleasing and how does it work, what distinguishes subleasing from direct lease transfers, differences in commercial vs. residential lease transfers, what legal differences impact commercial lease handovers, lease transfer taxes and fees explained, how are transfer taxes calculated for different lease types, the role of a property manager in lease transitions, what responsibilities does a manager have in lease changes, understanding the legal framework of lease transfers, how do local laws influence lease transfer regulations.

As a property manager with years of experience in the field, I’ve come to understand that a smooth lease transfer can significantly impact your rental business’s success. A straightforward real estate lease assignment or lease transfer ensures continuity, minimizes vacancy periods, and maintains revenue streams. It’s not just about finding a new tenant; it’s about carefully transferring obligations to ensure a seamless transition for all parties involved.

In my journey, exploring real estate lease assignment has been a pillar of maintaining stability in rental properties. It’s a nuanced process, but with the right steps and understanding, it can be handled efficiently. I’ve seen firsthand how understanding the key aspects of lease assignments can prevent potential legal issues and foster positive relations between tenants and landlords.

Exploring real estate lease assignment means transferring a tenant’s rights and obligations under a lease to another party. This process keeps the original lease terms intact but shifts the responsibility to a new tenant. Such assignments often involve a registration process with the property manager or landlord to ensure the new tenant’s qualifications meet the lease requirements. Implementing a thorough assignment review helps in maintaining lease integrity.

A successful lease assignment process is characterized by thorough vetting and seamless transfer of obligations. It involves detailed tenant screening, understanding the rental agreement’s nuances, and registering the new tenant in compliance with existing lease terms. This methodological approach ensures the lease assignment preserves property management standards and tenant satisfaction. Properties that execute a detailed lease assignment process tend to experience smoother transitions and fewer vacancies.

Navigating early lease termination requires a clear understanding of the lease conditions and effective communication between the landlord and tenant. When either party acts to terminate a lease prematurely, it’s important to review termination clauses that might allow for such actions without significant penalties. Companies like Leasey.AI suggest planning for early termination scenarios in the initial lease agreement can handle unexpected changes more gracefully. This preparation includes establishing clear termination conditions that protect both landlord and tenant interests.

Termination clauses significantly affect a lease transfer as they outline the conditions under which a lease may be ended or transferred before its expiry date. Including detailed termination clauses in lease agreements offers a clear path for both termination and lease transfer processes. These clauses can dictate the feasibility of a lease transfer, including any costs or requirements that the current tenant must meet. Properly constructed termination clauses thus provide a safeguard and a structured framework for managing lease transfers effectively.

• 70% of lessees consider transferring their lease before the term ends.
• 3 major steps are needed: research, agreement, and official transfer.
• 5% average cost saving on fees when comparing lease transfer options.
• A 90-day period is often given to complete a transfer process.
• Over 60% of transfers include vehicles and apartments.
• 2024 models show a 15% increase in lease transfer popularity.
• 8 out of 10 transfers are finalized within a 45-day timeframe.

A seamless rental agreement handover requires meticulous planning and execution. My experience in property management has shown that understanding the lease transfer process ensures a smooth transition. First, notify all parties involved, including tenants and property owners, of the pending lease transfer. Next, conduct a thorough property inspection to assess its condition before the handover. Finally, updating the security deposit details ensures financial clarity for all parties. These key steps help in avoiding future disputes, making Lincoln Property Company a preferred manager for many.

In a rental agreement succession, the key documents include the original lease agreement, a lease assignment form, and a property inspection report. The original lease agreement provides the legal basis for the succession. The lease assignment form officially transfers lease obligations to the new tenant. Lastly, the property inspection report records the property’s condition at the time of the transfer. These documents are crucial in ensuring a transparent and legally sound process, as demonstrated by management firms like BC Property Management.

Subleasing allows a tenant to rent out their leased property to another individual, with or without property management’s permission. This option can be beneficial when the original tenant needs to vacate the property temporarily but does not want to break their lease. The sublease agreement outlines the terms under which the subtenant will occupy the property. It includes details on rent, duration, and the rights transferred from the original tenant. Companies like New License Property Management excel in facilitating such arrangements, ensuring legal and financial protections are in place.

You must understand that subleasing and direct lease transfers differ significantly in terms of legal and financial responsibilities. In subleasing, the original tenant remains responsible for the lease terms and conditions, acting as a middleman. Conversely, a direct lease transfer completely removes the original tenant from the equation, transferring all obligations directly to the new tenant. This distinction is crucial for property managers to grasp to advise tenants correctly. Firms such as Determination Realty provide expertise in distinguishing these types, ensuring tenants make informed decisions.

Detailed Overview: Key Steps and Options in Property Lease Transfer Process

• A 10% rise in online lease transfers since last year.
• Every transfer has to pass a credit check as a standard step, providing security.
• 20% of lease transfers occur due to relocating for jobs.
• Testing the market for your lease can take up to 2 weeks.
• 80% of successful transfers use a professional service to help.
• Online tools have proven to make the process 30% faster.
• Transfer fees range from $100 to over $500, depending on the state.

Lease transfers for commercial properties differ significantly from residential ones in complexity and flexibility. Commercial lease transfers often involve larger financial stakes and more complex negotiations. These agreements may include specific terms related to business operations that are not present in residential leases. Conversely, residential lease transfers tend to be more straightforward, focusing on living arrangements and personal use of the property. Understanding these differences ensures property managers can handle transfer requests effectively and efficiently.

Commercial lease handovers face stricter legal scrutiny compared to their residential counterparts. This is because commercial leases typically involve more detailed terms regarding the use of the property, alterations, and business-related liabilities. For example, commercial leases may include clauses on assignment and subletting that require explicit consent from the landlord. Additionally, commercial tenants might need to provide financial records or business plans to prove their capability to uphold the lease terms. These requirements highlight the necessity for property managers to conduct thorough due diligence during the transfer process.

Transferring a lease often incurs taxes and fees that can vary depending on the property type and location. These expenses are an important aspect for property managers to consider when facilitating a lease transfer. For commercial properties, transfer taxes might reflect the property’s valuation and the complexity of the business lease agreement. Residential leases may feature lower transfer fees but are still subject to local regulations and taxes. Awareness of these costs helps property managers set accurate expectations for all parties involved.

Transfer taxes for leases are calculated based on several factors, including the property’s location, type, and the lease’s remaining duration. For commercial properties, the calculation may also consider the business’s valuation, potentially resulting in higher transfer fees. Residential properties generally enjoy simpler tax structures, with fees often based on the property value or a flat rate set by local authorities. This distinction underlines the importance of property managers researching local tax codes and regulations to accurately inform tenants about potential costs. For further information on real estate transactions and transfer taxes, the National Association of Realtors website offers a wealth of knowledge.

In my experience, the role of a property manager involves ensuring smooth lease transitions. This role includes communicating changes to tenants and landlords. Property managers also oversee the transfer process, ensuring all paperwork complies with legal standards. Their involvement helps prevent potential disputes during the lease transfer process.

A property manager has several key responsibilities during lease changes. First, they must review the lease agreement to understand its transfer clauses. They then manage communications between the outgoing and incoming tenants. Lastly, property managers ensure the lease transfer adheres to local laws. This role is crucial in executing a seamless transition.

Understanding the legal framework is essential for property lease transfers. This knowledge enables property managers to navigate the complex legalities involved. They must ensure that the lease transfer process complies with state and local regulations. Familiarity with the legal framework provides a foundation for managing lease transfers effectively.

Local laws significantly influence lease transfer regulations. These regulations can vary widely between jurisdictions. Property managers must research local statutes to ensure compliance. Understanding local laws is key to facilitating legal and successful lease transfers. This research prevents legal issues and ensures a smooth transition process.

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How to Transfer an Apartment Lease to Someone Else?

So, you’ve recently signed a lease to your new apartment, but an unforeseen circumstance has suddenly forced you to uproot your life.

Whether caused by financial matters, family issues, or a job relocation, you need to find someone to take over your lease, but you don’t want to worry about someone not paying rent on time.

In that case, a lease transfer is ideal. Here are four steps to transfer your apartment to someone else.

Table of Contents

Step 1: Check Out Your Lease Agreement

Your lease agreement outlines the relationship between you and your landlord or property manager .

The lease document also contains important information like your monthly rent, rental term length, and the number of occupants allowed in your unit.

It’s not uncommon for tenants to misplace a lease agreement or read through it quickly before signing.

If you can’t find your rental agreement, ask your landlord or property manager for a copy.

Once you have your rental agreement, read through it carefully.

Specifically, look through your lease agreement to see how your landlord or property manager deals with a lease transfer.

For example, some apartment managers require a processing fee with your lease transfer application.

Here are some of the specifications you may expect to see in your lease agreement:

Written Consent

For most lease transfers, written consent from your landlord is required.

Your landlord or property manager’s written consent is a document signed by them and, eventually, you and the new tenant.

Processing Fee

Sometimes your landlord or property manager will require you to pay a processing fee to transfer your lease to someone else.

Your landlord or property manager determines (if there is a fee) the amount, so it is possible to negotiate the price.

For example, if you are nearing the end of your lease, you can avoid a fee.

However, for the most part, if you want to avoid a transfer fee , it typically depends on your landlord’s reasoning for the payment or your reason for moving.

Landlord’s Power to Decline

If your new tenant cannot meet the eligibility requirements to take over your lease, your landlord or property manager can refuse a lease transfer.

For instance, if it appears your new tenant cannot pay rent on time (or have a bad credit history), then your landlord or property manager has a reasonable excuse to deny your wish for a lease transfer.

In many lease transfers, it is your responsibility to find a new tenant, so you should consider verifying their financial stability.

Step 2: Find Someone to Take Your Lease

Finding someone to take over your lease is taxing, especially if you want someone trustworthy and stable – which you do.

And, not to mention that finding a replacement becomes even more challenging when you’re urgently looking, but not impossible.

We suggest that you find a couple of potential candidates to take over your lease because it is always a good idea to have more than one interested renter.

Facebook Marketplace, Craigslist, or any other websites where you can list your apartment , is an efficient way to advertise your place.

When listing your apartment, be sure to include photos, rental cost, utility costs, location, etc., when trying to find a new tenant.

Sometimes, people around you are looking for a place to rent for a short time, so word of mouth is another way to find a new tenant.

In other words, ask friends, family, and co-workers if they or anyone they know are looking for a place to rent.

Just remember that finding someone who can prove their ability to pay their rent on time will help put you and your landlord or property manager at ease.

In turn, you are making the lease transfer process smoother.

If you are having trouble finding someone, think about offering to cover their first month’s rent or, if possible, paying the first couple of months’ utilities. Essentially, try to provide incentives to entice people to take over your lease.

Lastly, another way is to ask your landlord or property manager if they have anyone who has shown interest in renting a place in your complex.

Step 3: Meet with your Landlord or Property Manager

You will need your landlord or property manager’s written consent to transfer your lease to someone else.

Them saying, “Go for it,” isn’t enough – it needs to be on paper.

The best way to get this is to schedule an informal meeting with your landlord or property manager.

We recommend not doing this until you have a new tenant in mind, as it will show your urgency and seriousness in transferring your lease.

Before speaking with your landlord or property manager, research your state’s laws regarding a lease transfer to someone else.

Different states have different rules, so make sure you know the limitations of your landlord or property manager’s authority.

For example, in California, a landlord needs a reasonable cause for denying a tenant’s motion for a lease transfer. But, if the landlord’s refusal seems unreasonable, it is the tenant’s responsibility to prove it.

Whether or not you have developed a positive relationship with your landlord or property manager, there are some things that you can do to ensure your conversation goes smoothly.

But, first, note that a mutually respectful conversation is the essential determinate for an easygoing lease transfer.

So, try to treat your landlord or property manager with respect and kindness – no matter your history together. 

Things To Discuss and Bring To Your Meeting

• Have a new tenant (or a couple) eager to take over your lease.
• Have undisputed evidence that your new tenant is financially secure, like pay stubs and a good credit score .
• Explain your reason for moving – especially if it is something out of your control.
• Offer to pay the remainder of your rent for the month or next month’s rent.
• Discuss the documents you’ll need to finalize your lease transfer.

Once your lease transfer is approved, don’t be afraid to clarify the terms you and your landlord or property manager settle on.

Specifically, your replacement should have the sole responsibility for paying the remaining rent. Hence if the new tenant fails to pay on time, your landlord or property manager cannot look to you.

Moreover, this is why it is essential to show that late payments are nothing more than a hypothetical possibility because you’ve proven your replacement’s excellent rental rapport.

What To Do if Your Landlord Declines Your Lease Transfer

So, you’ve talked to your landlord or property manager, and they’ve declined your lease transfer.

Now, even more than before, your urgency to get out your lease has become your top priority.

First off, it’s okay to acknowledge how maddening a stubborn landlord or property manager can be, especially when your reason for moving out is out of your control.

Now, if you believe your landlord or property manager doesn’t have a legitimate reason to refuse your lease transfer, then here’s what you should do: contact a real estate lawyer .

A specialized landlord-tenant lawyer could help you dispute your landlord or property manager’s decision if you feel they unreasonably rejected your lease transfer.

A landlord’s legal rights vary depending on the state you reside in. Therefore, a real estate lawyer should be well-informed of your state’s landlord-tenant laws.

Step 4: Make It Official

Once your landlord or property manager has approved your lease transfer, it’s time to write out the official documentation.

An official record of a lease transfer should include your landlord or property manager’s signature, your signature, and the new tenant’s signature.

Additionally, it should have the address of the place from which you are transferring your lease.

While this could be as simple as scratch paper with all the information mentioned above, there are lease assignment templates you can fill out and print.

However, the above might not be necessary, as your landlord or property manager may have a document of their own that you and the new tenant must sign.

Packing Up Your Apartment

Hopefully, with our guide, you have successfully transferred your apartment lease to someone else.

Now that you are free from your contractual obligations, it’s time to focus on getting the apartment ready for the new tenant.

Lastly, although not a formality, it doesn’t hurt to communicate with the new tenant to guarantee a trouble-free move-out process . 

Other articles you may also find useful:

• How Long Can A Tenant Stay After Lease Expires?
• What Happens To An Apartment Lease When Someone Dies?
• How to Break a Lease on an Apartment
• How Apartment Leases Work (All You Need to Know)
• Can You Break Your Apartment Lease Due to Bad Neighbors?
• What Can Apartments Charge For When Moving Out?
• Can I Break My Apartment Lease If I Feel Unsafe?
• Signed a Lease but Changed My Mind – What Are My Options?
• What Happens if I Break My Lease and Don’t Pay?
• Who Is Responsible for Cleaning Out the Apartment After Death?

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Lease Assignment Agreement

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A Lease Assignment Agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another. In other words, a Lease Assignment Agreement is used when the original tenant wants to get out of a lease and has someone lined up to take their place.

Within a Lease Assignment Agreement, there is not that much information included, except the basics: names and identifying information of the parties, assignment start date, name of landlord, etc. The reason these documents are not more robust is because the original lease is incorporated by reference , all the time. What this means is that all of the terms in the original lease are deemed to be included in the Lease Assignment Agreement.

A Lease Assignment Agreement is different than a Sublease Agreement because the entirety of the lease interest is being transferred in an assignment. With a sublease, the original tenant is still liable for everything, and the sublease may be made for less than the entire property interest. A Lease Assignment transfers the whole interest and puts the new tenant in place of the old one.

The one major thing to be aware of with a Lease Assignment Agreement is that in most situations, the lease will require a landlord's explicit consent for an assignment. The parties should, therefore, be sure the landlord agrees to an assignment before filling out this document.

How to use this document

This Lease Assignment Agreement will help set forth all the required facts and obligations for a valid lease assignment . This essentially means one party (called the Assignor ) will be transferring their rights and obligations as a tenant (including paying rent and living in the space) to another party (called the Assignee ).

In this document, basic information is listed , such as old and new tenant names, the landlord's name, the address of the property, the dates of the lease, and the date of the assignment.

Information about whether or not the Assignor will still be liable in case the Assignee doesn't fulfill the required obligations is also included.

Applicable law

Lease Agreements in the United States are generally subject to the laws of the individual state and therefore, so are Lease Assignment Agreements.

The Environmental Protection Agency governs the disclosure of lead-based paint warnings in all rentals in the States. If a lead-based paint disclosure has not been included in the lease, it must be included in the assignment. Distinct from that, however, required disclosures and lease terms will be based on the laws of the state, and sometimes county, where the property is located.

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A guide to help you: Tenants and Subtenants Obligations under a Sublease Agreement

Other names for the document:

Assignment Agreement for Commercial Lease, Assignment of Commercial Lease, Assignment of Lease, Assignment of Residential Lease, Assignment Agreement for Lease

Country: United States

Housing and Real Estate - Other downloadable templates of legal documents

• Security Deposit Return Letter
• Rent Payment Plan Letter
• Residential Lease Agreement
• Sublease Agreement
• Tenant Maintenance Request Letter
• Rent Receipt
• Late Rent Notice
• Notice of Intent to Vacate
• Roommate Agreement
• Quitclaim Deed
• Parking Space Lease Agreement
• Short-Term Lease Agreement
• Tenant Security Deposit Return Request
• Termination of Tenancy Letter
• Change of Rent Notice
• Complaint Letter to Landlord
• Lease Amendment Agreement
• Notice of Lease Violation
• Consent to Sublease
• Eviction Notice
• Other downloadable templates of legal documents

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Legal Ways To Transfer Property

Last reviewed or updated 11/09/2023

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How do I perform a basic property transfer?

For small items such as everyday groceries or even larger retail purchases in shops, you usually don't have to sign any kind of separate agreement like a Bill of Sale. An informal contract is finalized when money exchanges hands and you obtain the item, with its receipt acting as confirmation. However, as the value increases, or if it is something like a car or boat where the sale gets recorded with a government agency, paperwork becomes necessary. Some states even require you to complete a Bill of Sale for these transactions.

Real estate is by far the most complicated subject matter for property transfers. Transferring real estate can often involve more steps that people expect. Commonly, transferring ownership of a home or property is done using a deed as well as a Real Estate Purchase Agreement or a Property Sale Agreement . The agreements are legal documents that represent the contract between the buyer and the seller, while the deed is what gets recorded with the state or county government. The deed to a home or piece of real estate works like the title to a car to show who owns the property.  

How can I transfer property as a gift?

Another way to transfer property is as a gift. Defined as a transfer of ownership where the donor does not receive the full consideration (or payment) in return, it is governed as a distinct type of transfer from a sale. Transferring personal property can be accomplished simply through the act of giving the item to the recipient. For high value items, it can be helpful to document the gift in some way. For vehicles, completing the state title transfer document is generally required, even if there is no money being exchanged.

Usually accomplished between family members, gifts of real estate also have to be notarized or witnessed in order to be completed. Note that gifts are considered taxable under Chapter 12, Subtitle B of the Internal Revenue Code. The tax is usually paid by the donor, though in some cases that responsibility may transfer to the recipient.

Can I transfer property through relinquishment?

Though not explicitly defined, relinquishment of rights to a given piece of real estate or property can also be considered a valid form of property transfer. For example, if you and a sibling inherit property as co-owners, you may be able to relinquish your share of the property. As usual, a document in which you or another party relinquishes their rights to a given piece of real estate has to be notarized or witnessed in order to be effective. 

Note that different states can and do regulate the matter differently. Always ask a lawyer to see if relinquishment is possible, and if so, what requirements you must follow.

Can I transfer property through my Will?

A Last Will and Testament can be used to transfer property after the owner's death. The full assignment of rights may depend on the beneficiary or heir accepting the Will's terms. A Will, however, cannot transfer ownership until the owner’s death. Before any property is transferred via a Will, there is a court process called probate that ensures a person’s assets and property are distributed according to their wishes. Wills and estate plans are complex, yet can prove to be important tools for helping your family and heirs understand your final wishes for your property, assets, and belongings.

Are all types of transfers subject to tax?

It is important to note that all types of property transfers are subject to taxation. To make sure you comply with tax laws and avoid unpleasant surprises, talk to a tax professional before selling or transferring property. Completing a contract or Bill of Sale for the sale or transfer can often help provide you with a record of the transaction for tax purposes. 

Researching your state laws and ensuring the transfer complies with them, can also help you avoid legal problems down the road. If you have more questions about transferring property, whether it’s your old car, your home, or a prized possession, reach out to a Rocket lawyer network attorney for affordable legal advice.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer .

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What Is a Conveyance?

Understanding conveyance, legality of conveyances, familial conveyances, types of real estate deeds, types of conveyances, examples of conveyances, frequently asked questions.

• Conveyance FAQs

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Conveyance: Property Transfer Examples and FAQs

James Chen, CMT is an expert trader, investment adviser, and global market strategist.

Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.

The term conveyance refers to the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home.

This is done using an instrument of conveyance—a legal document such as a contract, lease, title , or deed. The document stipulates the agreed-upon purchase price and date of actual transfer, as well as the obligations and responsibilities of both parties.

Key Takeaways

• Conveyance is the act of transferring property from one party to another.
• The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home.
• A conveyance is done using an instrument of conveyance—a legal document such as a contract, lease, title, or deed.
• Such transfers may be subject to a conveyance tax.
• Fraudulent conveyance is an unfair or illegal transfer of assets done in order to avoid creditors during bankruptcy or to avoid taxes.

In finance, the term conveyance represents the act of legally transferring property from one entity to another. So when two parties engage in the sale of a piece of property, they transfer ownership through a conveyance. For instance, when a car owner legally signs the title over to a buyer, they are engaged in a conveyance.

The term conveyance is commonly associated with real estate transactions . Conveyance of ownership of real estate is also referred to as conveyancing, and the legal representative overseeing the process can be referred to as a conveyancer . Real estate transactions often incur a tax called a conveyance tax or a real estate transfer tax. This levy is imposed on the transfer of property at the county, state, or municipal level.

A conveyance is normally executed using a conveyance instrument. This is a written instrument or contract that outlines the obligations and responsibilities of both the buyer and the seller including the purchase price , date of transfer, and any other terms and conditions associated with the sale. The instrument may be a deed or a lease —a document that transfers the legal title of a property from the seller to the buyer.

There are cases where one party doesn't live up to its obligations as outlined in the conveyance instrument or contract. When this happens, the other party can take the defaulting party to court to enforce the contract or to claim damages.

Conveyancing ensures that the buyer is informed in advance of any restrictions on the property, such as mortgages and liens , and assures the buyer of a clean title to the property. Many buyers purchase title insurance to protect against the possibility of fraud in the title transfer process.

There are also legal distinctions of conveyances, mainly stemming from British law, that hold certain rights of conveyance within family estates or bloodlines:

• Fee tail conveyances stipulate that property must remain within a family, and in particular be passed down to one's children. A fee tail only can remain in place as long as children remain alive.
• Fee simple absolute conveyances provide a claim to one's heirs, who can then assume full rights of ownership and sell to whomever they wish, even outside of the family.
• Fee simple defeasible conveyances are similar to the above but come with certain restrictions or conditions. If a condition is violated, the ownership claim reverts back to the grantor.
• Life estate conveyances exist only as long as the owner remains alive, without respect to any heirs.

If the other party doesn't fulfill their obligations, you can take them to court to enforce the contract or to claim damages.

Different forms of real estate deeds are used to make sure each party fulfills the conditions outlined in the conveyance. Some agreements may be more simple; others may hold one party contingent on several outcomes.

• Bargain and sale deeds, sometimes called special warranty in other states, occur when the grantor makes assertions about the title, but the covenants in the agreement only relate to any time period in which the grantor owned the property. Commonly used by banks on foreclosed properties, these type of conveyances hold little to no claims regarding prior ownership of the property.
• Quitclaim deeds are used to convey title without any covenants. The grantor of a quitclaim deed makes no assertion over the ownership or condition of the property. Quitclaim deeds are often used for gifting title as it is a basic type of deed that simply convey that the grantor does not hold any interest in the property being transferred.
• Reconveyance deeds are used when prevailing conditions have changed and the deed needs to be "re-conveyed". This type of conveyance is used by mortgage lenders when a borrower has paid off their mortgage; with the debt having been satisfied, the lender no longer has conditional claims to the property.

Real Estate Conveyances

Conveyance is a general term that applies in a legal sense beyond residential real estate . The conveyance in most real estate transactions is also known as the sale deed. Conveyance is the category, and sales deed is a type of conveyance within that category. There are several primary types of deeds used to transfer real estate:

The process behind a typical conveyance includes a review of liens and other encumbrances . it ensures all conditions have been met, settling all taxes and charges with the appropriate party prior to transfer, confirming financing , and preparing all the documents for final settlement. The documents provided for conveyancing typically include the deed, mortgage documents, certificate of liens, the title insurance binder , and any side agreements related to the sale.

In most states, it is illegal to transfer property to a third party in order to avoid  creditors ’ claims on that property. This is known as a  fraudulent conveyance , and creditors can pursue their claim on the property via civil legal action.

Mineral Rights Conveyances

Conveyance also applies to the oil and gas industry . As land is a form of real estate with attached rights, exploration companies use the term conveyance to refer to contracts that transfer rights to or ownership of certain parcels of land to the company.

Among the most common conveyances is a contract granting mineral rights without turning over the title of the land, but conveyances are also used to establish the right of way for a company’s operations on a landowner’s property. The landowner is, of course, compensated for transferring these rights to the exploration company.

Other Real Property

Many forms of conveyance occur when real, tangible assets are transferred not just by physical possession but by signing over the title to the new owner. For example, consider buying a new car; whether through a dealership or private seller, the car is legally conveyed when the previous car owner signs the title over to the new car owner.

Another form of conveyance is the transfer of inventory. Consider a company that buys a large number of raw materials that must be transferred to its warehouse. Based on the agreed-upon shipping terms, conveyance of ownership may happen at acquisition, sometime during delivery, or when the goods are physically possessed by the buyer. This entire act of transferring ownership of property from one entity to another embodies conveyance.

Let's look at the transfer of a piece of land owned by an individual's grandfather. In the first example, the grandfather decides to sell the property to their grandson via an arms-length transaction and at fair market value. In this case, the deed is transferred at closing to the grandson, who becomes the new legal owner.

In a second case, the grandfather decides to gift the property to the grandson. Here, no money is exchanged for the value of the property, but a gift tax must be paid on any value greater than the prevailing gift tax exclusion amount. For 2022, the IRS set the gift tax exclusion amount as $16,000, and the gift tax exemption will increase to $17,000 for 2023.

In a third case, the grandfather dies and wills the property to the grandson. Again, the deed is conveyed but no money changes hands, and there is no gift tax. Instead, there may be an estate tax on any value exceeding $12.06 million for estates of decedents who died in 2022. The basic exclusion amount is increasing to $12.92 million for decedents who pass away in 2023.

What Is a Conveyance Tax?

A conveyance tax is levied by a government authority (such as a municipality or state) on the transfer of real property. This tax is usually paid by the seller , although this may be negotiated prior to closing.

What Is a Voluntary Conveyance?

In a voluntary conveyance , the owner agrees to transfer property to a new owner, but does not receive full compensation (known as "consideration" in legal terms). For instance, when willed to an heir, voluntarily forfeited to a lienholder, or donated to charity.

What Is a Deed of Reconveyance?

A deed of reconveyance is a legal document issued by a lender or lienholder when a mortgage or other debt secured by real property is paid off. This deed releases the property owner from any further claims by the lender.

What Is a Fraudulent Conveyance?

Fraudulent conveyance occurs when a property is transferred for reasons meant to avoid taxes, creditors, or which otherwise constitutes illegal activity such as money laundering.

Conveyance is the process of transferring property from one party to another. Often relating to the transfer of investments such as real estate or securities, conveyance is heavily tied to legal processes to ensure proper documentation is maintained and applicable gift taxes (or exclusions) are followed. Conveyance not only transfers ownership of assets but delegates ongoing responsibilities and obligations of both sides of the transaction.

Legal Information Institute. " Fraudulent Transfer Act ."

Internal Revenue Service. " IRS Provides Tax Inflation Adjustments for Tax Year 2023 ."

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Real Estate Crunch

What Happens If I Have A Lease And The Property Is Sold?

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Navigating the sale of a leased property can be challenging, especially when you’re the tenant. Building rapport with a property owner and then discovering they’re selling can stir feelings of uncertainty. You might wonder where your lease stands and if relocation is looming.

Generally, most lease agreements contain provisions that, in the event of a property sale, the lease remains intact and is transferred to the new owner. But this isn’t the end-all. Whether you’re a tenant, a seller, or a buyer, there are essential steps and considerations to ensure everyone’s interests are protected. Read on as we’ll delve into the primary concerns and recommended actions for tenants, sellers, and buyers when a leased property changes hands.

Table of Contents

Lease continuation for the subsequent owner:, lease termination upon transfer:, for tenants:, for landlords:, revisit your lease:, speak to the previous owner:, establish communication with the new owner:, confirm lease terms:, document everything:, stay updated:, know your rights:, security deposit:, seek legal counsel if necessary:, always be prepared:.

• You Can Listen To Our Podcast About Lease in Limbo – Navigating Property Sales and Tenant Rights Below or By clicking here.

Can You Sell A Property Without The Original Sales Deed?

What is a proof of the ownership of a house, definition of single family residence explained.

Entering into a lease agreement is a commitment from both the tenant (lessee) and the landlord (lessor) to abide by specific terms for a set period. But what happens when the property gets sold during this lease?

Understanding Lease Transfer

One of the most important things you can do is understand the lease transfer. The terms of the lease govern the situation typically by looking at the following:

Many leases include a provision stating that if the property is sold, the new owner inherits the lease. The tenant can continue living in the property, paying rent as usual, but now to the new owner.

Some leases have a clause that terminates the lease upon the sale of the property. In such cases, the original landlord may be required to compensate the tenant, as specified in the agreement.

Protecting Interests: Both Tenant And Landlord

There are things that both the tenants and landlord should do to protect their interests in the cast when the property is sold.

The most crucial thing a tenant should do is check all this out before signing a lease agreement.

• Read Before Signing: Before signing a lease, read it meticulously. Understand every clause, especially those relating to the sale of the property.
• Seek a Sale Clause: If the lease doesn’t mention what happens upon sale, request a provision ensuring the lease continues with any new owner.
• Documentation: Always maintain a copy of the signed lease, rent receipts, and any correspondence with the landlord.
• Regular Communication: If you learn the property is on the market, communicate with your landlord. Understand their intentions and your position.
• Get to Know the New Owners: Establish a line of communication with the new property owner once sold. Confirm the terms of your lease with them.
• Seek Legal Counsel: If discrepancies arise or the new owner doesn’t honor the lease, consult an attorney familiar with tenant laws in your jurisdiction.

A landlord must also clearly understand what is written on the lease agreement, especially if they plan to sell the property. Here are things that landlords should look at and do if they sell their property under lease.

• Transparent Lease Agreements: Always be clear in your lease about what happens if you decide to sell. This reduces future complications.
• Inform Your Tenant: Notify your tenant if you’re considering selling. Keeping them in the loop can ensure a smoother transition.
• Introduce the New Owner: Once sold, introduce the new owner to your tenant, ensuring the transition is as seamless as possible.

10 Steps For Tenants When Leasing A Sold Property:

If a property has been sold that you are leasing, there are things that you, as the lease, should address. Below, we have listed ten of the most critical steps.

Immediately review your lease to understand your rights and the implications of the sale.

Clarify any concerns or questions about the sale and your lease agreement.

Please introduce yourself and ensure they have a copy of your current lease.

Discuss the lease terms with the new owner, ensuring both parties are on the same page.

Keep records of all interactions with the new owner, from payments to maintenance requests.

Ask the new owner if they have any immediate plans for the property that might affect you.

Familiarize yourself with tenant rights in your area, especially concerning a change in property ownership.

Ensure your security deposit is transferred to the new owner or ascertain its status.

If issues arise or the new owner doesn’t respect the lease agreement, consult with an attorney.

While it’s not ideal, always be prepared for the possibility that you might need to move. Whether due to conflicts with the new owner or changes they wish to make, it’s good to be ready.

Our Personal Experience

From personal experience, I can attest to the significance of understanding your rights when renting a property gets sold. This scenario played out for us when our leasing property was sold.

Regrettably, the new owner proved somewhat challenging. Fortunately, our lease contained a specific clause that permitted us to exit the agreement if the property changed hands.

This provision allowed us to transition to a new property without further complications gracefully.

It underscores the importance of scrutinizing your lease before committing, ensuring you’re well-versed in your rights, particularly when the property you’re leasing gets sold.

The sale of a leased property can be a seamless process or a challenging transition, depending on the lease terms and the intentions of all parties involved. Tenants and landlords can ensure a smooth transition by being transparent, maintaining open communication, understanding their rights, and preparing for potential outcomes.

With the proper precautions, both parties can navigate the complexities of such a situation with confidence and clarity.

You Can Listen To Our Podcast About Lease in Limbo – Navigating Property Sales and Tenant Rights Below or By clicking here .

Real Estate Crunch  gives you real property and real estate information and advice. We offer a free monthly newsletter; you can sign up for our newsletter by  clicking here.

We also have a weekly podcast called “ Real Estate Crunch ,” found on all major podcast platforms.  Listen to our podcast by clicking here.

Follow us on our social media platforms –  Facebook  and  Instagram.

Related Question

Selling a property without the Sales Deed is possible, but it is essential to take all necessary steps to protect both the buyer and seller from potential risks or legal issues. You must do your due diligence; obtaining proper legal advice is always recommended when buying or selling a property.

By  clicking here ,  you can read more about  Can You Sell A Property Without The Original Sales Deed?

The deed is the proof of ownership of the house or land. The deed is a legal instrument that shows who owns the home and land. There are many kinds of deeds, from the warranty deed, special warrant, bargain and sale deed, and quitclaim deed. Even though they have some similarities, these deeds also have many differences.

By  clicking here ,  you can read more about  What Is A Proof Of The Ownership Of A House?

One term that you may come across frequently in real estate transactions is “single-family residence.” It is essential to understand what this means so that you know exactly what type of property you are buying or selling.

By  clicking here ,  you can read more about  Definition Of Single Family Residence Explained .

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Guide to selling and transferring real estate by owner, essential documents for buying and selling property.

These documents help you sell real estate and manage the buyer's payments.

A Quitclaim Deed is used to transfer a title or whatever interest the owner (grantor) may have in property to another person (grantee) without any war...

Real Estate Purchase Agreement

A Contract for Sale of Real Estate is used to document the purchase and sale of real property.

A Land Contract (or Contract for Deed) is a contract between a seller and buyer of real estate, where the seller provides the financing for the purcha...

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Table of Contents

• Selling versus transferring real estate
• Selling a house or piece of real estate
• Transfer of property
• Selling a house by owner
• How much does it cost to sell a house?
• How to sell a house by owner
• Transfer of real estate
• What is a property deed transfer?
• How do I transfer ownership of a property?
• Should I transfer ownership if I'm financing the sale?
• What is real estate transfer tax?
• Understanding your obligations

When it comes to real estate, tracking ownership is essential. In the United States, every piece of land and real estate ownership should be documented and filed with county recording offices .

Therefore, when you sell or gift property to someone, you need to create and execute certain documents to reflect ownership changes.

In this guide, we'll discuss the difference between selling and transferring real estate, the process of selling your house without a realtor, and the different ways you can transfer or gift property.

Selling and transferring real estate are separate actions that come with their own rules and requirements. Each activity requires unique documentation.

Although closely related, selling real estate and transferring real estate are not fundamentally linked. You can transfer real estate to someone without selling it, but you can't sell it without transferring the property title to the new buyer.

Selling your house means you're accepting a buyer's money in return for your home. Depending on the housing market and your property, selling your home can be a quick or drawn-out process. You can sell your real estate property with or without the help of a real estate agent.

Sometimes, you have to sell your home due to factors out of your control. Other times, you may just be ready for a change. Selling your real estate requires you to transfer the property title to the buyer as well . However, if you simply want to give a property to someone else as a gift, selling your home is not required.

There are many instances where people transfer a title without selling the property. For example, you may transfer your family home to your adult children when you move into senior-specific living or downsize into a smaller home.

Whether you are selling a piece of real estate or giving it away as a gift, you always have to transfer the title to the new owner when giving up ownership of a property.

Transferring real estate involves changing the property title from one person to another by filing the necessary paperwork with your county recording office . Usually, creating a deed and filing it completes the ownership change.

A deed is a legal document that transfers a property's title to someone new, proving that they have ownership. You can also file a deed to add an additional owner or remove a joint owner.

Homeowners selling their own homes without the assistance of real estate agents is growing in popularity. When homes are being sold privately, you may hear people refer to them as “for sale by owner” or FSBO for short.

Although it can be more work, selling real estate privately can financially benefit you and save you thousands of dollars.

Selling without a realtor is not for everyone. However, you may decide to sell your home without a realtor if:

• You plan on financing the purchase for the buyer
• You're selling your home to a family member
• You have the time and interest
• You want to save money
• You want complete control over the transaction

The cost of selling a house can vary depending on a variety of factors. The process may involve repair costs, legal fees, staging costs, moving costs, and more. However, the cost of selling a house can be most affected by whether or not you hire a real estate agent.

Cost of selling through a real estate agent

When you have a real estate agent help you sell your home, they take a commission. According to Bankrate , a real estate agent's commission is typically 5 to 6% of the sale price .

So, if you list your home through a real estate agent and sell it for $300,000, your agent could walk away with a commission of $15,000 to $18,000, leaving you with less of your equity.

For some sellers, paying a realtor is worth it, but others would rather fully profit off of the sale and not pay a realtor at all.

In addition to an agent's commission, you may have to pay for repairs, home improvements, closing costs, legal fees, and moving fees when you sell your house. With these additional expenses, the cost to sell a house can be around 15% of its sale price . According to Zillow , in the United States, the average seller can spend anywhere from $17,000 to $22,000 in closing costs.

Cost of selling privately

When you sell real estate privately, you still may have to pay for closing costs, such as repairs, home improvements, and legal fees. However, when selling privately, you'll save on realtor commission fees and keep more of your profits after closing. Therefore, selling privately could save you up to 6% of your home's sales price .

Keep in mind, if you are inexperienced with selling real estate, privately selling your property could lead to a lower sale price. Therefore, it's important to conduct thorough research and ensure you are getting the best deal.

When you sell your house without a realtor, you have to do all the leg-work on your own. If you're up to the challenge, check out the five steps of selling your house by yourself.

1. Determine the fair market value

You must determine your home's fair market value (FMV) when selling your house so you can set an optimal asking price. There are multiple ways to assess your home's fair market value, including the following:

• Base the fair market value off of your purchase price if you bought the home recently and the market hasn't drastically changed
• Research the selling prices of comparable dwellings in the same area or in the same building
• Hire a professional to appraise your home

If you hire a third-party appraiser, ensure they are state-licensed, state-certified, and follow ethical and performance standards .

Once you know your home's fair market value, you can decide on the asking price. If you set the price too low, you'll miss the opportunity to capitalize on the sale fully. If you set the price too high, you'll risk having low interest in your listing.

When you set an unrealistic price, buyers who could otherwise afford your home's fair market value may not show interest because you've set the asking price too high. With potential buyers showing minimal interest, it could take a long time to sell your home.

When you hire a real estate agent, they use their experience to help you decide on an ideal asking price. However, if you are willing to conduct your own research or hire an appraiser, you can determine an appealing asking price that will still financially benefit you.

2. List your property and find a buyer

To reach potential buyers, you must list your property. Generally, listing your property online is the most efficient way to reach the largest audience. Thankfully, there are many free or low-cost websites where you can list your property, such as Zillow and ForSaleByOwner.com . Additionally, you can list your property in a local newspaper's classified section.

You'll have to show them your property or hold an open house when you have interested buyers. Depending on your area's housing market, you could have your home listed for a very short or extended time. Once you find someone interested in purchasing your property, the two of you can begin negotiating a price.

3. Negotiate and secure an offer

During negotiations or before making an offer, a potential buyer may want to hire professionals to inspect certain aspects of the house, such as the foundation, exterior walls, roof, or grading of the land. These inspections can hold up the negotiation process.

As a seller who wants to complete the sale quickly, it can be nerve-wracking during negotiations. A buyer could seem interested but suddenly change their mind. To better gauge a potential buyer's interest level, you can ask them to use a Letter of Intent to show their intention of purchasing your property.

Once negotiations are further along, you and your buyer can use an Offer to Purchase Real Estate to outline the potential transaction . This document is helpful when a buyer is ready to make an offer on the house, but wants certain conditions met before the sale is finalized.

For example, a buyer may require the completion of the following actions in their offer:

• Property appraisal : an assessment of the value of the home, which confirms the buyer isn't paying significantly more than what the property is worth.
• Title search : a search of the current property title which verifies that the property has no liens against it or any other ownership issues that could impact the sale.
• Home inspection : a review of the property performed by a licensed inspector that details any damage or defects in the home and any attached buildings.
• Disclosure form : a document that outlines information regarding the property, such as if recent renovations were done, if there were any past problems with pests, etc.
• Maintenance and repairs : specific things done to the property before the buyer takes possession, such as painting, cleaning carpets, or fixing the roof.

A buyer will often not offer you your asking price. Generally, regardless of whether real estate agents are involved in a negotiation, a buyer may make an offer lower than the asking price. Sometimes a buyer may rationalize a lower offer due to additional repairs or renovations that they foresee.

However, if there are lots of buyers and not enough homes on the market, a buyer may offer you your asking price or more.

4. Create a Real Estate Purchase Agreement and secure finances

A Real Estate Purchase Agreement is a contract used to outline the terms of a residential property deal between a buyer and a seller. It may only be used for residential properties where construction has been completed.

After you've negotiated a sale price, the purchase agreement can help you solidify the terms of the transaction. When creating the contract, you provide the following information:

• Your information
• The buyer's information
• Property details
• Pricing and financing details
• Closing and possession dates
• Conflict resolution
• Termination options

The financing terms of the agreement are very important. Within our template , you can choose between the following three financing options:

• Third-party financing : A bank or other lending institution provides a loan to the buyer, which must be paid back over time.
• Seller financing : You, the seller, provide financing to a buyer who cannot obtain a loan from a financial institution. The buyer pays you a predetermined amount in intervals until they have paid the agreed-upon price in full.
• Assumption : A buyer takes over your mortgage, which means the home loan transfers to their name. The buyer takes financial responsibility for the remainder of the mortgage. Assumption often requires that the buyer is qualified to take over the loan under the lender's guidelines.

You do not have to file purchase agreements with your county or state . Once you and your buyer have both signed the Real Estate Purchase Agreement and you've secured the agreed-upon finances, you must transfer the property title to the buyer.

5. Transfer the property title

A Real Estate Purchase Agreement does not have the power to transfer a property's title , so you must use a deed or Contract for Deed in conjunction with the purchase agreement. For more information on transferring property titles, continue reading below.

Transferring real estate property means assigning the property title from yourself to another person or entity. Usually, sellers transfer their property by creating a deed and filing it with a county recording office.

Property deeds are legal documents that transfer real estate property ownership from one person, known as the grantor, to another, known as the grantee. Deeds allow you to transfer a property title to a buyer, a family member, an organization, or into a trust.

As mentioned earlier, in the United States, the ownership of every piece of registered land and real estate is tracked. Therefore, you have to file deeds with your county's recording office . You can also use a deed to add an additional owner or remove a joint owner.

For a property deed to be binding , it has to meet certain criteria:

• The deed must be in writing.
• The grantor must have the capacity to transfer the property.
• The grantee must be mentally capable of receiving the property.
• The grantor and grantee must be clearly identified within the deed.
• The property's description must be clear and specific.
• The deed must contain the necessary legal language that transfers the property.
• The deed must be signed by the grantor(s).
• The deed must be delivered to the grantee.
• The deed must be accepted by the grantee.
• The deed must be notarized.

There are various types of deeds. Each type of deed is unique and useful in certain circumstances. In the next section, we'll cover four different deeds.

To transfer the ownership of real property, you have to use a deed. Here are four different types of deeds that may help you transfer property to someone else, such as a buyer or family member.

A Quitclaim Deed, also known as a non-warranty deed, transfers a property owner's interest to another person without guaranteeing that the owner has full rights to the property . This means that there could be other claims on the property title. For this reason, people who trust each other, such as family members, often use this type of deed.

Warranty Deed

A Warranty Deed guarantees that the title to a property is free from any interests held by others , such as liens. In other words, the seller ensures that creditors will not use the property as collateral for the seller's debt. Warranty Deeds are generally used for residential home sales between unrelated parties so that the buyer can ensure that the property title is free and clear. If a buyer wants to be sure that they will have full ownership rights to the property, requesting a Warranty Deed is a good idea.

Survivorship Deed

A Survivorship Deed is a document that allows a residential or commercial property to transfer from a property owner to two or more property owners . A Survivorship Deed creates a joint tenancy among the new owners. Once transferred, each grantee owns an equal share of the property. Since these shares are not distinct, the new owners cannot transfer them to anyone else or distribute them in their Wills . When one of the new owners passes away, their share is equally divided among the remaining owners. The last living owner will own 100% of the property.

A Gift Deed is a document used to give a sum of money or transfer property ownership from one person or organization to another . It is often used to transfer gifts between family members, such as when a parent gifts property to their child. A Gift Deed can also be used to donate to a non-profit charity or organization. This document helps prove that the gift is being given without any conditions or in exchange for compensation.

No, do not immediately transfer ownership if you are financing the sale for the buyer (e.g., allowing them to pay you in installments). Instead of transferring ownership before the buyer has paid in full, use a Contract for Deed .

A Contract for Deed is an agreement between you and the buyer that protects both of your interests. With this document, you retain the title to the property until the buyer makes payments in installments equal to the agreed-upon purchase price. The buyer has an immediate right to possession of the property, but you do not transfer the title until you've secured all or part of the purchase price.

This type of contract is generally used when a buyer is unable to obtain financing through traditional methods.

Real estate transfer tax is a one-time charge that some states, counties, and local municipalities impose on property owners when they sell and transfer a property to a new person or entity.

Depending on your state, real estate transfer tax is also known as deed tax or conveyance tax .

Generally, transfer tax is a percentage of the sale price. Depending on the sale price, the percentage rate can vary. Usually, this means larger sale prices result in higher tax percentages. However, sometimes transfer tax can be based on the appraised value of the real estate rather than the actual sale price.

Generally, the seller is liable for paying the tax amount. However, sometimes sellers and buyers agree to terms in their Real Estate Purchase Agreement that require the buyer to pay the transfer tax.

Real estate transfer tax may not apply if you are transferring property to someone or another entity but not selling it. It could be considered a gift and exempt from transfer tax when you transfer property to someone else without charging or for a very low cost. However, you could still be subject to estate or gift tax .

In the United States, not all states charge a real estate transfer tax when you transfer a property title. The following states do not charge a tax for transfers:

• Mississippi
• North Dakota
• Oregon (most jurisdictions)

When you sell or gift real estate, you have to understand your state's unique laws and rules. By conducting your own research and understanding your obligations, you can protect your interests and ensure a smoother transfer.

Despite each state having unique laws, all states require you to track ownership changes when you sell real estate. Additionally, it's best practice to document major transactions, such as a real estate sale. Therefore, use the correct property deed to reflect ownership changes and a Real Estate Purchase Agreement when selling and transferring real estate.

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Other documents you may need

Letter of Intent

A Letter of Intent is a non-binding letter used by two or more parties to outline an understanding for a future agreement.

Offer to Purchase Real Estate

An Offer to Purchase Real Estate is a document that sets out the terms of a proposed real estate transaction between a buyer and seller.

A Warranty Deed transfers the title of a property between individuals, warranting that the grantor has a good clear title and there are no encumbrance...

Mortgage Agreement

A Mortgage Agreement is used by a lender to secure a loan in the borrower's purchase of real estate.

Satisfaction of Mortgage

A Satisfaction of Mortgage is signed by a lender acknowledging that a mortgage has been fully paid by a borrower.

A Survivorship Deed creates a joint tenancy between two or more individuals, where they each have equal interest in a property. Upon the death of one ...

A Gift Deed is a document that allows you to give away certain items that have sentimental or monetary value to other individuals without compensation...

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Why every lease and landlord needs a tenant transfer policy.

Even with the best of intentions entering a lease, life happens. Tenants may need to transfer or break a lease for various reasons, including military service or job relocation. However, regardless of the transfer reason, landlords must protect themselves and their interests. So, join us as we define the types of transfer clauses and, more importantly, why every lease should have a tenant transfer policy!

What is a Transfer Clause in a Residential Lease?

The purpose of a tenant transfer clause is to minimize confusion if the tenant must move out before the end of the lease term.  Typically, a residential lease is for a fixed term and includes various lease clauses, including a tenant transfer policy. Generally, this covers incidents where the tenant must vacate for work or life changes. The goal of a tenant transfer policy is to outline specific terms, including –

• Permitted Reasons for Tenant Vacating Early
• Sublet – Either Denying or Giving Permission
• Notice Requirements
• Fees or Any Financial Penalties

Why Every Lease Needs a Tenant Transfer Policy

The main job of a lease is to protect the landlord and the tenant from confusion, potential conflict, or miscommunication by creating a predictable process if the tenant breaks the agreement. While no one sets out to break a lease, it is essential to have a plan, and a tenant transfer policy is written out just in case.

Therefore, this clause allows landlords some reassurance that they can expect some financial compensation and an agreed-upon amount of notice. That said, not having such a clause could result in an expensive and lengthy battle in the courts to recover unpaid rent or damages.

Common Types of Tenant Transfers

Like we mentioned above, life happens, and being prepared for contingencies is crucial as a landlord. Continue reading as we describe a few of the common reasons for a tenant transfer policy below.

Tenant Transfers for Employment

The most common tenant transfer policy deals with changes in employment that cause a tenant to relocate. For example, a company transfers a tenant from their current location in Pennsylvania to New York’s headquarters. Generally, this clause allows the tenant to break the agreement with the following provisions –

• Relocation must be a non-commutable distance
• 30 to 60-day notice is required in writing
• Pay the penalty equal to up to 2 months’ rent and/or forfeit the security deposit.

Alternatively, some landlords may choose to require the tenant to be responsible for the remainder of the lease until a new tenant is found. Also, tenants may offer to find their own tenant to take over the lease, otherwise known as subletting. Therefore, it is imperative to state that no assignment or sublet is permitted without the landlord’s expressed written consent. If the tenant breaking the lease has someone willing to rent the unit, they can forward that lead to the owner. Owners or property managers can qualify the lead based on their standard rental application and procedures to determine if they are a good fit.

Military Order Transfer Clauses

Like a tenant transfer policy for a job relocation, this clause covers tenants relocated due to military reassignment. So, this allows active military personnel the option to break the lease agreement if the tenant is –

• Called for extended service away from the area or overseas
• Transferred to a different base, not within commuting distance
• Assigned to a new installation out of the area

A military tenant transfer policy typically requires between 30 and 90 days’ notice, depending on the situation. However, there are a few key points landlords must understand when it comes to a service member breaking lease. Check out these important factors below –

• Federal law allows military members and their spouses, if both names are on the lease, to terminate a rental agreement without penalty for either a reassignment or a deployment longer than 90 days. This is known as the Service member Civil Relief Act and applies whether the lease has a military clause or not.
• Military tenants must still provide written notice to the owner along with a copy of the orders or an official letter from their commander.
• Service personnel must still pay for any damage left behind in the unit, and owners may deduct from the security deposit per the terms of the lease.

Unit-to-Unit Transfers for Multi-family Properties

In larger multi-family properties, landlords may come across requests for tenants to transfer to a new unit within the same property. That said, there are various reasons why a tenant may request a transfer, such as –

• Trouble with current neighbors
• The desire for a smaller or larger unit
• Need for easier access to certain parts of the building or desired amenities
• Looking for a newer or remodeled unit

However, there are important things for a landlord to consider when creating a tenant transfer policy. On the positive side, a transfer request means the tenant wants to continue to rent at the property, which is great! Unfortunately, if the unit the tenant is leaving is old or undesirable, it may prove difficult to fill efficiently. That said, the newly created lease allows landlords the opportunity for added profits. This is a chance to raise the rental rate and charge an administrative transfer fee to help offset costs, similar to processing a lease renewal.

How to Best Protect Your Rental Property Interests as a Landlord?

When it comes to protecting your valuable rental property, experience is key. That’s where Bay Property Management Group comes in! Our dedicated team of professionals can effectively market your property and thoroughly screen all applicants. When it comes time to sign the lease, our comprehensive rental agreement addresses the vital issues needed to protect your property.

As Harrisburg’s leading rental management firm , we focus on a full-service approach to property management. Moreover, we handle all the day-to-day operations, so our clients do not have to. Give us a call today for a free no-obligation rental analysis to see how our experience can work for your investment!

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Transferring the lease when selling or buying a business.

Executive Summary Location, location, location. That’s a mantra that’s commonly heard when the discussion turns to home values. It’s also an important consideration when it comes to businesses. Don’t blow up your sales by giving short shrift to matters involving this key logistics. The lease is an integral part of the sale process. Dealing with the landlord or transferring the lease can be one of the two biggest deal killers when selling your business, the other being your financials. That’s why it pays –literally and figuratively — to handle the assignment or transfer of your lease properly. In this article, we show you how to do just that, from when to contact your landlord to what to expect with your security deposit in conjunction with a sale of your business — and a lot of stuff in between that you may not have considered just yet. A good time to get started is right now …

When should I contact my landlord and let them know I am selling my business?

The earlier, the better. Landlords respect business owners who are upfront and give them advance notice that they are selling. I see many sellers spring the news on the landlord three days before closing, only to have the landlord refuse the transfer of the lease. Contacting the landlord upfront will reduce this concern and will also ensure buyers that the landlord is cooperative and agrees with the game plan.

Doesn’t the landlord have to approve the transfer of the lease to the buyer?

No, not necessarily. Be sure to read your lease, as your lease should address this issue. The law in most states addresses assignments. Most state laws say that the landlord cannot “unreasonably withhold the assignment of the lease.” What does “unreasonably” mean? That’s the magic $25,000 question (or, depending on how expensive your attorneys are).

If landlords want to, they can put up a fight to keep you from transferring your lease. The reasons can vary. It certainly pays to make sure the landlord and you are on the same page before you invest a lot of time and effort in selling your business. It doesn’t pay to litigate this question. It is best to reach an agreement and move forward with both of you on the same page.

What is an “assignment” of the lease?

With an assignment, the lease is transferred to the buyer, and you remain on the lease as a guarantor. This can be bad or good, depending on your perspective.

• It is good if you are financing a portion of the sale price because this will enable you to take the business back if the buyer defaults.
• It can be bad because if the buyer defaults on the lease, you will likely be held liable.

The landlord’s viewpoint is that you initially signed your lease with a specific term, probably two to five years. If you sell the business, they will keep your name on the lease and add the buyer’s name to the lease. The landlord will typically keep you on as a “guarantor,” which means you are on the hook for the lease, but you have few rights left.

Why does the landlord do this?

Why not? Why would the landlord voluntarily agree to increase their risk without receiving anything in return?

What else are you going to do? You don’t have many other options, and the landlord has nothing to lose, so they nearly always request that you remain as a guarantor.

What is a sublease?

In a sublease, there are actually two leases.

• Lease 1 — landlord to you (master lease)
• Lease 2 — you to the buyer (sublease)

Most leases address this issue and do not allow it. Read your lease carefully. Look for a clause titled “Assignment and Sub-Letting.”

The main reason a sub-lease might be used would be when you are financing a portion of the sale price. Because you still have a lease with the landlord, you still have full privileges to access the property. This gives you more control until you are paid in full.

What is the craziest story you have heard involving the transfer of a lease?

In some leases, the lease reads that the landlord receives half of the sale proceeds when the business sells. Am I kidding? No. This is rare, but I have actually seen it happen. The clause should read that the landlord should get half of the “leasehold value” or half of the proceeds that are attributable to the value of the lease. However, the landlords I saw wanted half of the sale price of the business. The owner fought the case in court and eventually gave up after spending $30,000 in attorney fees.

Read your lease, or at least have an experienced advisor read it to make sure there aren’t any major issues in the lease. I have also seen many landlords who simply refused to assign a lease, and for no good reason (in my opinion).

Is there a fee to assign the lease?

Sometimes there is, usually from $500 to $1,000. This varies from state to state. The fee is reasonable as assigning the lease can involve some work on the landlord’s part, and they do not benefit from it monetarily.

What can I do to ensure that the landlord will assign the lease?

Approach the landlord early in the process and let them know of your intentions to sell your business. Ask what is important to the landlord in terms of a new tenant (experience, credit score, financial strength, etc.). When you find a buyer, position the buyer to meet the landlord’s needs. Help the buyer prepare a resume and financial statement, clean up their credit, and otherwise package themselves for the landlord.

How is the security deposit handled?

The landlord will typically keep your security deposit, and the buyer will reimburse you the money for the deposit. This prevents the landlord from returning your deposit and collecting a deposit from the buyer, which is two transactions.

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Transferring a rental agreement (lease)

If a renter wants to move out of a rental property and they have found someone to take over their rental agreement, they can ask the rental provider to transfer (or assign) it to the new renter. This used to be called transferring a lease.

There are rules about transferring a rental agreement for both renters (tenants) and rental providers (landlords).

Residents in rooming houses cannot transfer their residency rights. For information on ending a rooming house residency, view rooming house resident giving notice .

How to transfer a rental agreement

The renter must ask the rental provider for consent before transferring the rental agreement to the new renter. The rental provider must give their consent in writing. The new renter’s name will then be added to a new or altered rental agreement.

There is no standard form for asking a rental provider to transfer a rental agreement, or for one renter to transfer the agreement to another renter.

The rental provider must give their consent to transfer the rental agreement, unless there is a good reason to refuse.

Rental providers cannot charge a fee for giving their consent, or refuse consent if a renter won’t pay a fee.

If the rental provider agrees to the transfer, they can ask the renter to pay reasonable costs for preparing a new rental agreement document. Reasonable costs means costs that most people would think are fair.

If the renter is refused consent and thinks it is unfair, they can  apply to VCAT  to decide that the transfer can go ahead without the rental provider’s consent. 

Once the rental agreement has been transferred, the new renter takes over all the previous renter’s responsibilities, such as rent payments.

Transferring a rental agreement without consent

If the renter transfers their rental agreement without the rental provider’s written consent, they can be asked to leave. The rental provider can end the rental agreement with both the old and new renters and ask them to leave the property in 14 days. Read more about rental providers giving notice to vacate  .

Transferring the bond 

If bond has been paid, the rental provider must also notify the Residential Tenancies Bond Authority (RTBA) of the transfer. The rental provider must do this within five days of the transfer taking effect. Read more about transferring the bond .

Sections of the Act

If you want to know what the law says about transferring the rental agreement, you can read these sections of the Residential Tenancies Act 1997 :

• Sections 82–84 – Assignment and sub-letting (residential rental agreements)
• Sections 195–198 – Transfer of rights and sale of caravans
• Sections 206ZZD–206ZZH – Assignment and sub-letting (Part 4A agreements)

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Moving Out of a Progress Home

We don't like saying goodbye, but if it’s time for you to move on, here’s what you need to know to have as easy of a transition as possible. 

Fill out the Notice to Vacate Form Move-Out Checklist (PDF) Move out process and timeline Cleaning Requirements Cleaning Checklist (PDF)

Paying final rent, utilities, and fees. Damages and Repainting Moving out and leaving keys Move-out Inspection Security Deposit

Move out Process and Timeline

As you prepare to move out of the home, please be sure to follow these steps.

1. Complete the Notice to Vacate form 60-days in advance

Completing the Notice to Vacate form is the first step to moving out of your Progress Residential home. Generally, our leases require a 60-day advance notice or as otherwise defined in your lease. Please check your lease for your exact notice requirements. Security deposit refunds are sent by mail, so please be sure you provide your new address on the form to avoid any delays in delivering the check to you.

2. Pay the Last Month’s Rent, Utilities, and Fees

Please make your rent payment as usual for the last month of your Lease Agreement. Once you vacate the property and your final invoice is prepared, we’ll pro-rate your final statement to only account for your days in occupancy .

Please remember, your security deposit is NOT your last month’s rent payment. Please pay all utilities and fees (early termination, administrative, etc. where applicable) prior to moving out. If your home is being serviced by Conservice, your estimated utility charges through the end of your Lease will be applied to your ledger. Please note: Conservice estimates the charges through your move out date based on prior usage. If your actual usage turns out to be lower, you’ll be credited on your final statement. If your actual usage is higher, the amount due will be added to your move-out charges on your ledger.

3. Schedule the cancellation of your cable and internet service

Please be sure to cancel or transfer your internet and/or cable service when you move out of the home. Some internet and tv providers will not let a new resident set up service if your service is still active.

4. Leave of the home no later than your move-out date

When you leave the home, place all miscellaneous keys (except the house key), amenity keys, key fobs, access cards, garage door remotes, and cleaning receipts on the kitchen counter. To help track. We created a checklist for you to use as you move out of the home. You can download this helpful checklist here . Place your key(s) in the LOCKBOX that is mounted on your home. If a permanent lockbox is not mounted to the side of your home, please submit a service request to have one installed, prior to move out. The lockbox combination should have been shared with you when you received the PMOW email. This number is typically the last four (4) numbers of the Primary Resident ID and can be found in the Resident Resources section of rentprogress.com.

PLEASE DO NOT LOCK THE KEYS IN THE HOME. If this happens, we’ll need to have a locksmith rekey the home and the cost will be added to your account.

5. Move-out Inspection

Once you’ve moved out of the home, one of our team members will inspect the home and begin preparing it for the next resident. During the inspection, we’ll compare the current condition of the home to it’s condition when you moved in and note any damage or items in disrepair. Once the inspection is complete, we’ll prepare your final statement.

6. Issue your Security Deposit Refund

Assuming you’ve left the home in good condition and followed the policies and procedures below, your security deposit refund will be mailed to you. Your account will be reconciled to include any credits, adjustments or charges and the security deposit refund or charge statement will be sent within 30 days of your move-out date or sooner, depending on the laws of your state. If you have any questions regarding your security deposit refund, please contact our Account Services department at 844.848.8485.

Preparing to Move out of the Home

Moving can be stressful and expensive! We want to reduce the stress and help you prepare your home for move-out. Returning the home to its pre-move in condition prevents deductions from your security deposit. If cleaning and repairs are needed or damages have occurred during your residency, Progress Residential® only charges you for our cost to return the home to its pre-move in condition. The following instructions will help you avoid charges and maximize your refund. 

Please be sure the entire home interior, including carpets, are professionally cleaned. If your home interior and carpets aren’t professionally cleaned, we’ll work with a vendor to clean it and those costs will be added to your account.  Cleaning fees start at $450 and can be higher depending on the size of the home and amount of work required (depending on local laws).

To avoid this potential charge, please provide receipts for all cleaning services or use a Progress Preferred Vendor. Information on Progress Preferred Vendors will be sent to you.

We’ve created a highly detailed cleaning checklist to help make sure you leave the home in top condition and maximize your security deposit refund. Click here to access the Cleaning Checklist .

Interior of the Home

The following items should be cleaned:

• All surfaces: countertops, floors, doors, and walls
• Windows, including frames, sills, and blinds
• Ceiling fans
• Light fixtures
• Inside cabinets and drawers
• Appliances: inside, around, and behind
• Bathrooms, including toilets, tubs, showers, sinks, faucets
• Baseboards and trim
• Replace HVAC Air Filters
• Garage floor

Carpet Cleaning

Have the carpeting in your home professionally cleaned and leave a copy of the cleaning receipt on the kitchen counter. NOTE: Renting a machine or using a personal carpet cleaner does NOT meet our professionally cleaned requirement. If carpets are not professionally cleaned or if we need to replace the carpet due to stains, pet stains/odors, or other damage, we’ll work with a vendor to resolve those issues and those costs will be added to your account.

Walls need to be returned to their pre-move in condition. For removing dirt, smudges or fingerprints, we suggest using Zepp Wall Cleaner or Mr. Clean Magic Eraser products. We recommend filling all nail holes with DAP Fast and Final Lightweight Spackling.

Remove all Trash

All trash and unwanted personal items must be removed from the home prior to move-out. Any trash left behind, including any amounts left over after trash pickup because they exceeded the pick-up capacity by the service provider will be removed and any costs incurred will be added to your account. 

Exterior of the Home

Please be sure the following items are complete:

• Yard, gutters, and flowerbeds must be free of debris
• Pick up pet waste, leaves, and weeds
• All bushes and trees under eight feet tall should be trimmed
• Grass should be freshly mowed
• Driveway, patio, walkways, and exterior walls should be washed.

Damages and Repainting

We understand that accidents happen and can result in unintentional damage to the home. If there’s been any damage to the home, please correct the issue to avoid pass-through charges at move-out. 

Please pay special attention to:

• Window blinds
• Patio blinds
• Light bulbs
• Smoke detectors 
• Smoke detector batteries
• Interior of all appliances
• Clogged drains
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Home » Must Knows » Legal » Transfer of Property Act, 1882

Transfer of Property Act, 1882

In this article, we discuss the Transfer of Property Act (ToPA), which primarily sets the path for property transfer from one owner to another in India.

Table of Contents

What is Transfer of Property Act?

Under the Indian legal system, properties are divided into two categories – movable and immovable. The Transfer of Property Act (ToPA), 1882, which came into force on July 1, 1882, deals with the aspects of transfer of properties between living beings. One of the oldest laws in the Indian legal system, the Transfer of Property Act is an extension of the law of contracts and runs parallel to the succession laws. For those planning to transfer their immovable property, knowing the key aspects of the Transfer of Property Act is quite important.

What is transfer of property?

The law defines transfer of property as “an act by which a living person conveys property in present or in future to one or more other living persons or to himself or to himself and one or more other living persons”. Living person also includes a company or association or body of individuals.

What are movable and immovable properties?

The difference between movable property and immovable properties lies in the stats of their physical movability. While movable properties can be carried from one place to another, the same is not true of immovable property. This state of immovability makes land and homes immovable property while cash, gold, share, etc. quality as movable property.

See also: Role of Karta in Hindu Undivided Family

Scope of Transfer of Property Act

Ways in which property transfer can take place.

Parties: Under the Transfer of Property Act, a transfer of property can be effectuated by an act of two or more parties or an act by the operation of the law.

Type of property: The Transfer of Property Act is applicable primarily on transfer of immovable property from one living being (inter vivos) to another. Also, the Act is applicable on property transfer by individuals, as well as by companies. However, the Transfer of Property Act is applicable to acts of parties and not on transfers applicable by the law.

What does ‘transfer’ mean under Transfer of Property Act ?

The term transfer includes transfer through sale, mortgage , lease, actionable claim, gift or exchange. The Act does not cover transfers by the operation of law, in the form of inheritance, forfeiture, insolvency, or sale through the execution of a decree. The Act is also not applicable on the disposal of properties through wills and does not deal with cases of succession of property.

Types of property transfer under Transfer of Property Act

The Transfer of Property Act talks about six types of property transfers:

• Actionable claim

See also: Everything you need to know about gift deed

Who is eligible to t ransfer property ?

Section 7 of the Transfer of Property Act lays down the rules, vis-à-vis people who are legally eligible to transfer their property.

‘Every person competent to contract and entitled to transferable property, or authorised to dispose of transferable property not his own, is competent to transfer such property, either wholly or in part and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed by any law for the time being in force,’ the section reads.

Under the Indian Contract Act, 1872, a person must be at least 18 years of age and have a sound mind, to be eligible to enter into a contract.

Properties that cannot be transferred under Transfer of Property Act

In terms of immovable property, one cannot transfer a property that one expects to inherit in future, states the Transfer of Property Act.

Example: Ram expects that his maternal uncle, who had no children of his own, would bequeath his property to him and he transfers his right in the property to his son, the transaction would be held invalid.

A lessor can also not transfer his right to re-entry into a leased property, under the Transfer of Property Act.

Example: Ram leases his plot to Mohan and puts in a clause in the lease agreement that he would have the right to re-enter, if the rent is not paid for over three months, then, he alone will have the right to do so. He cannot pass on his right to re-enter to, say, Ganesh, his associate.

A real estate developer who has entered into a joint development agreement (JDA) with a land owner, to build a project on the latter’s land, is also not allowed to transfer the ownership of the project thus created under the provisions of the ToP Act. The implications of the JDA are restricted only to the development part of the project. The builder will have to get a general power of attorney to sell the project on behalf of the owner. Even in this scenario, the land owner will be the one providing the conveyance deed to the prospective buyers of the project.

The Act also prohibits the transfer of easement rights – a right to use someone else’s land or property in some way. These include the rights of way (passage), the rights of light, the right of water, etc. Example: Ram has a right of passage over the land belonging to Mohan. Ram decides to transfer this right of way to Ganesh. As this is a transfer of an easement right, it is invalid.

One can also not transfer one’s interest in a property, restricted in its enjoyment.

Example: If a house is lent to Ram for his personal use, he cannot transfer his right of enjoyment to Mohan.

A right to future maintenance is only for the personal benefit of the person to whom it is granted. Hence, this right cannot be transferred. A tenant having a non-transferable right of occupancy, cannot alienate or assign his interests in the occupancy. Similarly, a farmer of an estate that has defaulted in paying revenue, cannot assign his interest in the holding. The same is true of a lessee of an estate under the management of a court of wards.

Transfer of property through verbal/oral agreement under Transfer of Property Act 

Section 9 of the Transfer of Property Act says that property transfers could be affected though an oral agreement, unless the law explicitly states that a written agreement must be prepared to conclude the transaction.

In the case of immovable property of value less than Rs 100, such transfers may be made either through a registered instrument or by delivery of possession the property. In a recent ruling, the Karnataka High Court has clarified that the first provision of property transfer overlaps the second– this means property transfer can be made by a registered instrument in all cases. The high court has also stated that possession is enough to prove the ownership of a property that does not require registration under the rules prescribed under the Transfer of property Act.

This means that practically no immovable property can be transferred in the name of another individual without executing a written document.

However, oral arrangements do not typically work, except for partition of property among family members , where the family members can enter into a verbal agreement and divide the property for practical purposes. Exchange of property often requires written agreements for the transaction to be legally valid. This is true for sale, gifts, leases, etc.

Transfer of property to an unborn child under Transfer of Property Act 

A person who is planning to bequeath his property to more generations than one, will have to keep the provisions of the Transfer of Property Act in mind, while doing so. This becomes imperative to avoid legal complications at a later stage.

Under the provisions made in Section 13 and Section 14 of the Transfer of Property Act, the transfer of a property directly in favour of an unborn child is prohibited. For this to happen, the person intending to make the transfer will first have to transfer it in favour of a person who is alive on the date of transfer. The property will have to vest in the name of this person, till the time that the unborn child comes into existence. Basically, the interest of the unborn child in a property must be preceded by a prior interest.

Example: Suppose Ram transfers his property to his son Mohan and thereafter, to his unborn grandchild. In case he was not born before the death of Ram, the transfer would not be valid. The transfer would be valid, if the child is born before Ram passes away and the interest of the property vests in Mohan, till the child is born.

Responsibilities of seller during transfer of property under  

Section 54 of the Act talks about the responsibilities of the seller of a property:

To disclose to the buyer any material defect in the property. To provide to the buyer on his request for examination, all documents of title relating to the property. To answer to the best of his information, all relevant questions put to him by the buyer with respect to the property or the title. To execute a proper conveyance of the property , when the buyer tenders it to him for execution at a proper time and place, on payment or tender of the amount due in respect of the price. To take as much care of the property and all documents, which are in his possession, as an owner of ordinary prudence would take of such property, between the date of the contract of sale and the delivery of the property. To give the buyer possession of the property. To pay all public charges and rent accrued with respect to the property, up to the date of the sale. To discharge all encumbrances on the property then existing.

Duties of the buyer during transfer of property under Transfer of Property Act 

• To disclose to the seller any fact about the property, of which the buyer is aware of but has reason to believe that the seller is not aware of and which materially increases the value of such interest.
• To pay the purchase money to the seller at the time and place of completing the sale.
• To bear any loss arising from the destruction, injury or decrease in value of the property not caused by the seller, where the ownership of the property has passed on to the buyer.
• To pay all public charges and rent, which may become payable on the property, the principal monies due on any encumbrances subject to which the property is sold and the interest thereon afterwards accruing due, where the ownership of the property has passed on to the buyer.

Tenancy agreements governed under Transfer of Property Act arbitrable: SC

The Supreme Court, on December 14, 2020, ruled that landlord-tenant disputes can be resolved through arbitration, except when they are covered by specific forum created by the rent control laws. In a landmark verdict in the Vidya Drolia and others versus Durga Trading Corporation case, the SC has ruled that arbitral tribunals have the power to decide such cases under the Transfer of Property Act.

However, for these disputes to be resolved through arbitration, the rent agreement must have an arbitration clause – this means the decision to include a clause to this effect in a landlord-tenant agreement lies with the parties concerned.

See also: Landlord-tenant disputes arbitrable when not covered by rent control: SC

Latest update

Sale agreement, lawful possession of property protect buyers’ right: sc.

Read full coverage here .

Encroacher cannot claim benefit under Section 51 of Tranfer of Property Act: SC

An encroacher cannot be termed a transferee to seek benefit of Section 51 of the Transfer of Property Act, the Supreme Court has said. For Section 51 to apply, “the occupant of the land must have held possession under colour of title, his possession must not have been by mere of another but adverse to the title of the true owner, and he must be under the bone fide belief that he has secured good title to the property in question. Section 51 gives only statutory recognition to the above three things”, the apex court ruled.

What can be transferred under the Transfer of Property Act?

Any immovable property can be transferred under the Transfer of Property Act.

What are the modes of transfer of property?

According to the Transfer of Property Act, a property can be transferred through sale, exchange, gift, mortgage, lease and by creating an actionable claim.

How many sections are there in the Transfer of Property Act?

There are 137 sections in the Transfer of Property Act.

• 😃   ( 37 )
• 😐   ( 11 )
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.

In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel. [email protected]

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