The Rhode Island sublease agreement is a written understanding shared between three (3) parties, the landlord, tenant, and subtenant. It essentially allows the original tenant to act as the landlord and sublet the property to another lessee. Why would one re-rent their property to a third party? Well, if someone needs to relocate for whatever reason, this would be a beneficial alternative to breaking the lease and suffering some negative consequences (hurting your credit score, getting sued, difficulty renting in the future, etc.). But, you must take into account that this is only a possibility if the primary lessor/landlord allows it. If granted permission, it is wise to select a subtenant that you feel is responsible, as you will still be liable for the terms of the original contract. After finding a new occupant, it will be time to execute the agreement. Insert the following data into the document in order to achieve a binding contract:
- Start & End Date of the Sublet
- Amount of the Monthly or Weekly Rent Payments
- Total Value of the Security Deposit
- Utility Costs
Once you have filled in the abovementioned details (amongst others), it is important for all participating parties to sign the document accordingly.