Assignment Fee
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
Assignment Fee (by BH [DC]) Mar 13, 2017 2:05 AM
       Assignment Fee (by Lynda [TX]) Mar 13, 2017 6:39 AM
       Assignment Fee (by Lynda [TX]) Mar 13, 2017 6:39 AM
       Assignment Fee (by Lynda [TX]) Mar 13, 2017 6:39 AM
       Assignment Fee (by Barb [MO]) Mar 13, 2017 9:56 AM
       Assignment Fee (by BH [DC]) Mar 13, 2017 10:12 AM
       Assignment Fee (by BH [DC]) Mar 13, 2017 10:25 AM

Assignment Fee (by BH [DC]) Posted on: Mar 13, 2017 2:05 AM
Message:

State Specific Question About: DISTRICT OF COLUMBIA (DC)

Greetings,

I have a tenant in Washington DC that wants to assign their lease. Can I legally charge a lease assignment fee? And if so how much or what percent is legal?

Thanks in advance,

BH --24.126.xxx.x



Assignment Fee (by Lynda [TX]) Posted on: Mar 13, 2017 6:39 AM
Message:

By assignment do you mean he has found you another tenant to take over the rent payments till end of lease? Or is he going to sublet your place to someone else, making HIM in essence the LL of the new resident?

I wouldn't. I would first have to put the new party thru my screening process. Then if he qualifies, I would end the first lease my mutual agreement, and start a new lease with the new tenant. I would want a contract directly with whoever is in my property. Why would you want to have a tenant whose mane is not on a contract with you? Or have an ongoing contract with a party who is gone? That's a recipe for trouble.

--73.43.xx.xxx



Assignment Fee (by Lynda [TX]) Posted on: Mar 13, 2017 6:39 AM
Message:

By assignment do you mean he has found you another tenant to take over the rent payments till end of lease? Or is he going to sublet your place to someone else, making HIM in essence the LL of the new resident?

I wouldn't. I would first have to put the new party thru my screening process. Then if he qualifies, I would end the first lease my mutual agreement, and start a new lease with the new tenant. I would want a contract directly with whoever is in my property. Why would you want to have a tenant whose mane is not on a contract with you? Or have an ongoing contract with a party who is gone? That's a recipe for trouble.

--73.43.xx.xxx



Assignment Fee (by Lynda [TX]) Posted on: Mar 13, 2017 6:39 AM
Message:

By assignment do you mean he has found you another tenant to take over the rent payments till end of lease? Or is he going to sublet your place to someone else, making HIM in essence the LL of the new resident?

I wouldn't. I would first have to put the new party thru my screening process. Then if he qualifies, I would end the first lease my mutual agreement, and start a new lease with the new tenant. I would want a contract directly with whoever is in my property. Why would you want to have a tenant whose mane is not on a contract with you? Or have an ongoing contract with a party who is gone? That's a recipe for trouble.

--73.43.xx.xxx



Assignment Fee (by Barb [MO]) Posted on: Mar 13, 2017 9:56 AM
Message:

With Lynda.

Instead - Early Lease Termination Fee. Then, you market and find new tenant. You want the tenant to have the contract with YOU, the manager, not the departing tenant. --131.151.xx.xx



Assignment Fee (by BH [DC]) Posted on: Mar 13, 2017 10:12 AM
Message:

@ Barb: "Assigning" the lease would result in the new tenant having a lease agreement with me affording the same rights and obligations as the departing tenant. The departing tenant would not have any further rights or obligations. My question remains: Is it legal to assess an "Assignment fee"? If so, how much or what percentage is legal? Please note that I didn't stipulate an "Assignment fee" in the lease

Thanks in advance,

BH --24.126.xxx.x



Assignment Fee (by BH [DC]) Posted on: Mar 13, 2017 10:25 AM
Message:

@ Lynda: Yes,the tenant would take over the full responsibility of the departing tenant. There are 4 roommates. One of the room mates has asked to leave. This is an "Assignment" of the lease not a sublet. The new tenant would have the same rights and obligations of the remaining 3 tenants on the original lease. The departing tenant would have no further rights or obligations. Also, the new tenant has gone through a screening process...credit check, rental references and roommate approvals. My questions still remains. Is it legal to assess an "Assignment" fee. If so, how much or what percentage is legal? --24.126.xxx.x



Reply:
Subject: RE: Assignment Fee
Your Name:
Your State:

Message:
Assignment Fee
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: