AskDefine | Define sublease

Dictionary Definition

sublease n : a lease from one lessee to another [syn: sublet] v : lease or rent all or part of (a leased or rented property) to another person; "We sublet our apartment over the summer" [syn: sublet]

User Contributed Dictionary

English

Noun

sublease
  1. A lease on something made by someone who already leases it.

Verb

sublease
  1. Leasing something that is already leased. To sublet.

Extensive Definition

In real estate law, sublease (or, less formally, sandwich lease or sublet) is the name given to an arrangement in which 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. This means you are renting and renting out the same property at the same time. For example, the owner of an office building may lease the whole building to a management company. This company may then sublease parts of the building to other people. The management company is said to sublet the property to the individual tenants by means of a sublease. In this event, the management company (which was previously the lessee under the original lease) becomes the sublessor, and the individual tenants are subtenants or sublessees. Some lease agreements contain language that forbids the practice of subleasing.
Sublessor remains liable to the original lessor for any damage to the property and for payment of rent. Often the original lessor requires a lower rent payment from the sublessor than what he or she may have originally paid, leaving a partial amount of the rent left up to the original lessor.
sublease in German: Untermiete
sublease in Swedish: Andrahandskontrakt

Synonyms, Antonyms and Related Words

adverse possession, alodium, bareboat charter, burgage, charter, claim, colony, de facto, de jure, dependency, derivative title, farm, farm out, fee fief, fee position, fee simple, fee simple absolute, fee simple conditional, fee simple defeasible, fee simple determinable, fee tail, feodum, feud, fiefdom, frankalmoign, free socage, freehold, gavelkind, having title to, hire, hire out, hiring, hold, holding, job, knight service, lay fee, lease, lease out, lease-back, lease-lend, leasehold, legal claim, legal possession, lend-lease, let, let off, let out, mandate, occupancy, occupation, original title, owning, possessing, possession, preoccupancy, preoccupation, prepossession, prescription, property, property rights, proprietary rights, rent, rent out, rental, seisin, socage, squatting, sublet, subrent, tenancy, tenantry, tenure, tenure in chivalry, title, underlease, underlet, undertenancy, usucapion, villein socage, villeinhold, villenage
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