Sublease

Encyclopedia : S : SU : SUB : Sublease

A sublease is when the lessee in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant. For example, the owner of an office building may lease the whole building to a management company that then finds tenants for the individual units and gives them control. Some leases forbid the practice of subleasing.

 



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