A sublease is an arrangement where the original lessee transfers some or all of their leasehold rights to another party.
Key Functions of Sublease:
- Allows the original lessee to rent out the leased property or a portion of it to another party.
- Establishes a new agreement between the original lessee and the sublessee.
- Enables the sublessee to use the property under the terms of the sublease agreement.
- Keeps the original lessee responsible to the lessor for the terms of the master lease.
- Specifies the rent and other conditions that the sublessee must follow.