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Lease Assignment
(Ending Your Lease Early)
Need to move before your lease ends?
Life happens! If you can’t stay through your full lease term, you may be able to assign your lease to a new tenant. This means someone else will take over your lease, and you’ll be released from future rent obligations—once the process is approved and finalized.
What is a Lease Assignment?
A lease assignment allows a new tenant to take over your lease, assuming all responsibilities, including rent payments, maintenance obligations, and community rules.
Unlike subleasing, a lease assignment fully transfers the lease to the new tenant, removing you from further responsibility once the process is complete.
What are the Rules?
Lease assignments must be approved by the property manager before moving forward.
In rentals with multiple roommates, we only allow one lease assignment during a 6 month period. Multiple lease assignments during a 6 month period are at the discretion of the property manager and may not be approved.
How to Assign Your Lease
List of Services
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1. Find a Qualified Replacement TenantList Item 1
You are responsible for finding a replacement tenant who meets our rental criteria. This means you are responsible for the marketing of your lease, as well as fielding any inquiries, and showing your property to any interested parties.
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2. Request Approval for the Lease AssignmentList Item 2
Once an acceptable replacement has been found, the outgoing tenant should reach out to the property manager for approval of the lease assignment, and provide the name and contact information (phone and email) for the new tenant.
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3. New Tenant AppliesList Item 3
Once the lease assignment is approved, the property manager will send a rental application to your replacement tenant. The new tenant must submit a rental application, meet our applicant qualifications, and pay the standard application fee. They may also need a co-signer to apply as well.
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4. Sign the Agreement & Pay the Lease Assignment FeeList Item 4
Once the application is approved, the property manager will send out a Lease Assignment Agreement. All current tenants and the new tenant must sign this agreement BEFORE the new tenant moves in.
The outgoing tenant must pay the $500 lease assignment fee.
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5. Move Out & Transfer Keys
Once the agreement is signed and processed, your lease obligations officially transfer to the new tenant on the date agreed upon in the Lease Assignment Agreement.
The outgoing and incoming tenants must arrange transfering the key(s) between themselves. Hammer Properties NW does not facilitate this exchange.
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6. Security Deposit Agreement
All roommates for the property must agree on how the security deposit will be handled. At the end of the lease, any refundable portion of the deposit will be mailed via check to the designated tenant representative. If the outgoing tenant expects a portion of the deposit back, this must be arranged directly with the incoming tenant and current roommates.
Hammer Properties NW
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