Studying or working abroad is one of the most exciting and transformative experiences a student can have. At the University of Wisconsin-Eau Claire (UW-Eau Claire), students have various opportunities to gain international experience, whether through academic exchange programs, internships, or work-study programs. If you live off-campus and are planning to be abroad for an extended period, it’s important to figure out what to do with your apartment or rental property while you’re away. One solution to consider is a lease assignment.
This article will guide you through the process of doing a lease assignment while studying or working abroad, including what it is, how to go about it, and the resources available to you at UW-Eau Claire.
1. What Is a Lease Assignment?
A lease assignment is an arrangement where you transfer your lease obligations to another person. Essentially, you are handing over the remainder of your lease to someone else, allowing them to take over your responsibilities for paying rent, following lease terms, and caring for the property while you’re abroad. Unlike subleasing, where you remain liable for the lease and the subtenant’s actions, a lease assignment fully transfers the lease to the new tenant.
For students planning to study or work abroad, this is an ideal solution because it relieves you of your rental obligations while you’re away. The new tenant will take over the lease until it expires, and they will be responsible for all rent payments and other terms of the lease.
2. Why Choose a Lease Assignment?
There are several reasons why a lease assignment might be a better option than subleasing when studying or working abroad:
Complete Transfer of Responsibility: With a lease assignment, you are no longer responsible for the rent, utilities, or any damage to the apartment once the lease is transferred to the new tenant.
Avoid Potential Liability Issues: Subleasing can still leave you liable for the lease, even if the subtenant fails to pay rent or damages the apartment. A lease assignment removes that risk.
Simplicity: A lease assignment can be more straightforward than subleasing because the new tenant takes over all aspects of the lease, reducing potential complications.
Relieves Financial Burden: Since you are no longer financially responsible for the apartment, you don’t need to worry about paying rent while abroad. This allows you to use those funds for your travel or study abroad experience.
3. Steps to Complete a Lease Assignment While Studying or Working Abroad
If you’re interested in doing a lease assignment while studying or working abroad, here are the steps you need to follow:
Step 1: Review Your Lease Agreement
The first thing to do is carefully review your lease agreement. Not all leases allow assignments, and some landlords may have specific rules or requirements about transferring leases. Here’s what you need to look for:
Lease Assignment Clause: Check if your lease includes a clause about lease assignments. If your lease does not mention it, you may need to request permission from your landlord.
Requirements for Assignment: If your lease permits assignments, it will likely outline the process, including the need for written approval from your landlord.
Step 2: Get Landlord Approval
Once you've reviewed your lease agreement, it’s time to contact your landlord or property manager to request approval for the lease assignment. Most landlords will require written approval before the assignment is finalized. Some landlords may have a formal process, such as:
Application Forms: You might need to submit a written request or a lease assignment application form, which could include details about the new tenant.
Background Check: Your landlord may ask the new tenant to undergo a background check or provide references to ensure they are reliable.
Step 3: Find a Suitable Tenant
Once you have the green light from your landlord, it’s time to find a responsible individual who is willing to take over your lease. Here’s how to go about finding a suitable tenant:
Start Early: Begin your search as soon as possible, as finding someone reliable may take time.
Advertise Locally: Use campus resources like bulletin boards, the housing office, or student housing Facebook groups to advertise your lease assignment.
Online Platforms: Websites such as Craigslist, Facebook Marketplace, or student housing platforms are good places to advertise.
Roommate Approval: If you have roommates, make sure they are on board with the lease assignment and comfortable with the new tenant.
Step 4: Ensure the New Tenant Understands the Lease Terms
Once you’ve found a tenant, ensure they fully understand the terms of the lease they are assuming. This includes rent payment schedules, responsibilities for utilities, and any other rules outlined in the lease agreement. You should:
Review the Lease: Go over the lease terms with the new tenant to make sure they understand their obligations.
Sign the Assignment Agreement: Once the new tenant agrees to the terms, you, the landlord, and the new tenant will sign an assignment agreement. This formal document confirms the transfer of the lease.
Step 5: Complete the Paperwork
After you’ve agreed on terms with the new tenant, complete any required paperwork. This may include:
Assignment Agreement: This document officially transfers the lease from you to the new tenant. Both parties, as well as the landlord, should sign it.
Inspection and Inventory: Some landlords may request an inspection of the property to ensure there is no damage before transferring the lease.
Step 6: Notify Your Landlord and Finalize the Process
Once the lease assignment paperwork is completed and signed by all parties, inform your landlord that the assignment is official. The landlord should provide a written acknowledgment that they are accepting the new tenant and that the lease is now officially transferred.
4. Benefits of Lease Assignment vs. Subleasing
Full Transfer of Responsibility: With a lease assignment, the new tenant assumes all responsibilities for the lease. This removes any potential liability for you, which is a significant benefit over subleasing, where you could still be held responsible if the subtenant fails to meet their obligations.
Avoid Potential Lease Violations: Some landlords may not allow subleasing, while they may be open to lease assignments. This gives you flexibility in handling your rental situation.
Peace of Mind: Because you’re no longer responsible for the apartment, you can focus on your studies or job abroad without worrying about your rental situation back home.
5. Resources for Lease Assignments and Housing at UW-Eau Claire
UW-Eau Claire offers several resources that can help you manage your housing situation while studying or working abroad:
Blugold Central: Provides assistance with studying abroad, including housing options and logistics. You can find helpful information about your study/work abroad plans here.
- Blugold Central
Housing Resources: The university provides housing resources for students, which can help you navigate both on-campus and off-campus housing concerns, including lease assignments.
- Off-Campus Housing Listings at UW-Eau Claire
UW-Eau Claire’s Housing Office: For students renting off-campus, the Housing Office can help you understand lease terms and guide you through the process of lease assignments.
- UW-Eau Claire Housing Office
Conclusion
A lease assignment is a straightforward and effective way to handle your rental obligations while you’re studying or working abroad. By transferring your lease to a responsible individual, you can focus on your international experience without the burden of rent payments or concerns about your apartment. By following the steps outlined in this guide—reviewing your lease, obtaining landlord approval, finding a new tenant, and finalizing the assignment—you can ensure that your housing situation is taken care of while you embark on your exciting adventure abroad.
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