How are you? I hope all is well. Did you guys actually close on the 98th Street apt already? The last note I saw you post said you were just thinking about buying over there. I don't advise subletting to a random individual because that could open up a bigger can of worms for you & there's just not enough space on here for me to write all the details. Nevertheless, you don't have to be stuck with making double payments & you can do it legitimately. Give me a buzz & I'll go over the details with you.
Licensed Real Estate Salesperson
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
In general, standard leases allow sublet only upon the landlord's consent. When subletting, you still remain responsible for the lease and rent to the landlord.
Depending on what you are trying to achieve, you can either ask your landlord to end the lease earlier or to agree for you to sublet the apartment. Without the landlord's consent, you may get in trouble...
If you want to sublet the apartment that you are currently renting from someone, you should read your lease agreement first to find out if it allows you to sublet. If you are renting a condominium from individual owner, you might not be in a position to sublet because all leases have to go through board approval and need signature of apartment owner. In case you want to terminate your lease earlier, you might want to contact the apartment owner about it, or- even better- contact me and I will contact apartment owner on your behalf. As a third party, I will be in a better position to negotiate a mutually agreeable agreement for both of you...if the owner agrees that I put the apartment on the market for rent, you might be able to get out of the lease without any penalty. Please contact me if you have any further questions
Licensed RE Broker
NEW YORK HOME REAL ESTATE
295 Madison Avenue, New York, NY 10017
Whether or not you can "get in trouble" for subletting your apt. actually has two levels of answers. One is whether it is permissible and the other is if it is not permissible and you do it anyway, what are the consequences? Definitely read your lease and see what it says to determine if subletting is allowed. It may be allowed with proper permissions and notifications. If it is not, you are taking a risk, and furthermore, you are putting the person you rent to at risk. If you take this risk and get caught, your tenant may have to leave and will be very unhappy with you.
I am unsure why you are talking about Mortgage, but if you own the property you want to sub-lease, then you should find a professional that can make the researches for you to find out more about the rules in the Building.
You can contact the Elite Group at Nest Seekers to help you further with that.
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(o): 212.252.8772 (EXT.782)
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That's one of the reasons why we came up with ELITE. It is the highest standard level of same service given from a $2000 rental to a $40 Millions sale, and instead of treating the customers differently, we've decided to give them the ELITE service.
Let's help you with our services, no matter your budget, what you are selling or want to buy, we will give you and your referrals the same best experience ever lived. "
First, check your apartment lease and see if there's a prohibition on sub-letting. There probably is. If it's permitted, it'll be with various terms and conditions. So, yes, you can get in trouble for sub-letting unless you make sure you comply with the terms of your lease.
Some people do it. Some do it according to the provisions in their lease. Others don't.
I understand you don't want to pay both a rent and a mortgage. That's why it's important for people to time purchases so that such overlaps don't occur.
Hope that helps.