👉 Sublease is a type of lease in which one party, known as the "sublessee," agrees to lease a portion of an existing property (often referred to as the "principal space") for a specific period of time. This agreement typically includes provisions such as the right to occupy and use the subleased space during that period, as well as any associated costs or expenses. In most jurisdictions, subleases are governed by the terms of the original lease agreement, which may specify conditions such as
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What is the definition of Subleases? 🙋
👉 In real estate, a sublease is a type of lease agreement where one party (the "sublessee") leases part or all of the property from another party (the "lessee"). The sublessee may then re-lease the remaining portion of the property to a third party (the "new lessee"). This process can be used for various purposes, such as improving rental income, expanding business opportunities, or converting unused space into additional commercial use. For example, a restaurant owner
What is the definition of Subleased? 🙋
👉 In real estate, a "subleased" refers to a situation where one party is renting out space in another's property as their own. This can be done for various reasons, such as temporary occupancy or as part of a larger project. The rent paid by the sub-lessee (the tenant) is typically less than the rent that would have been charged under normal circumstances, and therefore, it is considered a "substantial" reduction in the property's value. In other words, a
