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Meaning / Definition of

Sublease

Categories: Credit and Debt, Real Estate, Legal, ,

A rental agreement or lease between a tenant and a new tenant (called a subtenant or sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. Compare: assign

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