ASSIGNMENT PROCESS
Fee
Responsible Party
$50 Application Fee
Assignee
$300 Assignment Fee*
Assignor
$1,000 Deposit (if applicable)
Assignee
Terms you will need to know:
Assignor: You, the current resident
- Assignee: The new resident taking over your lease
- Effective Date: The day the new resident plans to move in and assume responsibility for the lease agreement
What is an Assignment and how it is different from a Sublease?
An assignment is like a sublease, but completely different at the same time. An assignment will completely take you off your current or upcoming lease and will require the new resident signing on to be fully responsible and liable for that. You will in no way be responsible for your lease once the assignment is fully executed.
What fees are associated with an Assignment, and who is responsible for them?
*Sometimes the Assignor and Assignee agree to split the cost of the Assignment fee. This is fine with us; we just need to know beforehand.
What happens if I paid a deposit?
Per your lease, any deposit on hand will remain with that lease. The Assignment paperwork also states that you release your right to said deposit and it will transfer to the Assignee. We recommend that you have the person taking over your lease pay you directly for your deposit as it will be refunded to whoevers name is on the lease upon move out.
How do I find someone to take over my lease?
Posting on sublet is the easiest way to find someone to take over your lease! Posting at least 3 times a day will increase the likelihood that people will view your post. You can also advertise with Facebook and other social media platforms.
What do I do once I found someone to do an Assignment with?
Call the leasing office and provide us with the below information. We will take care of the rest!
- Your name and apartment number
- Effective Date of Assignment & Date You Plan to Return (if applicable)
- Assignee & Guarantor Info (if providing a Guarantor)
Name
DOB
Phone #
Email