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Simple English definitions for legal terms
subtenancy
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A quick definition of subtenancy:
Subtenancy, also known as sublease, is when a person who is renting a property leases it to someone else for a shorter period of time. The original renter still has a legal right to the property and is called the sublessor, while the person who rents it from them is called the sublessee or subtenant. This arrangement is common when the original renter needs to move out before their lease is up, but still wants to keep the property and avoid breaking their lease.
A more thorough explanation:
Subtenancy refers to a situation where a lessee (the original tenant) leases some or all of the leased property to a third party for a shorter term than their own lease. This is also known as a sublease.
For example, if John leases an apartment from a landlord for a year, but then decides to move out after six months, he may choose to sublease the apartment to his friend, Sarah, for the remaining six months. In this case, John becomes the sublessor and Sarah becomes the sublessee.
Another example could be a business owner who leases a commercial space for five years, but then decides to downsize the business after two years. They may choose to sublease a portion of the space to another business for the remaining three years.
Subtenancy can be a useful option for tenants who need to move out before their lease is up, but don't want to break the lease and risk losing their security deposit or facing legal consequences. It can also be a way for tenants to earn some extra income by subleasing a portion of their space.