Incentivizing a lease buy out

April 17, 2019 3:07 PM

I'm leaving Madison, WI at the end of May, but have a lease through end of August. I'd like to avoid all the risk of subletting and instead transfer the lease directly. I'd be willing to incentivize that with up to half off a month's rent. Good ways to do that without opening myself up to scams?
posted by codacorolla to Home & Garden (6 answers total)

Sorry, but have you checked your lease to make sure it permits assignment? It appears that WI law permits contractual waiver of the right to assign (which only year-to-year tenants have).
posted by praemunire at 3:21 PM on April 17, 2019

Response by poster: I talked to my landlord and he said he'd be fine with it as long as it confirms to his typical lease duration.
posted by codacorolla at 3:35 PM on April 17, 2019

[Note: not a Wisconsin lawyer, this is practical, not legal, advice.] It's actually a lot easier to be scammed on a sublet than on an assignment, as an assignment generally involves complete transfer of liability and release by the landlord of the assignor from further obligation, meaning that if the assignee defaults, it's no worry of the assignor. Check ID, do a credit check (make them pay), and don't let them move in before the landlord has received their first month's rent from them. You can probably find sample assignment agreements online (but make sure they're for Wisconsin, and involve your release from liability) or from a local tenants' right organization.
posted by praemunire at 4:07 PM on April 17, 2019

Best answer: I've done this in Madison. I wouldn't worry too much about scams as long as you're not giving people money up front - just pay the extra $ to the landlord or property manager when you transfer the lease.

You might want to keep an eye on the sublet market, and make sure you're being realistic about what you can charge for your place in the summer. We had a tough time finding sublettors when we moved in April of 2016, and had to both lower the price and eat a couple months' rent.
posted by yomimono at 4:25 PM on April 17, 2019 [2 favorites]

Is your place already leased after August? If not, and your landlord would be willing to do a 15 month lease, that might really help with finding someone. There are always a decent chunk of postdocs coming into town in the early summer, and it is easy to find a summer sublet but hard to find a situation that doesn’t involve moving in August.
posted by rockindata at 4:50 PM on April 17, 2019 [1 favorite]

Response by poster: I offered a lease buy-out option for about 200 less than rent, which worked well. Found someone who also signed the August - August lease, and I'm pretty happy (also feeling more secure since they're guaranteed to be there).
posted by codacorolla at 12:41 PM on May 18, 2019