Assignment or Subletting Information

Assigning a unit means that the Tenant(s) moves out of the unit permanently and transfers his/her tenancy to another person(s) All the terms of the original rental agreement stay the same e.g. the amount of the rent and what services are included etc.

Subletting a unit means that the Tenant(s) move out of his/her unit for a specific period of time, but the tenant(s) plans to move back into the unit before the end of the tenancy. (e.g. going home for the summer months but then coming back.)

ASSIGNMENT…$200.00 plus HST
SUBLET...$100.00 plus HST
LEASING SERVICES  …
Please see section ‘Leasing Services’
1/2 month’s rent  plus HST
**Fees are subject to change as per charges posted at the time of sublet/assignment request

Process

The Tenant(s) is responsible for finding his/her own Assignee(s)/Sublettor(s).

  • Please call the office to schedule an appointment.
  • Both Tenant(s) and Assignee(s)/Sublettor(s) must be present to prepare paperwork to be considered for approval by Keystone (not to be unreasonably declined).

Please note, if you are in a unit with tenants other than just yourself, they too must approve and be present to sign paperwork.  All guarantors must approve of this assignment/sublet and sign as well.

Assignment

  • We will require currently dated, certified funds or cash for first and last month’s rent.
  • We will require a guarantor.
  • Assignee(s) must sign up for utilities (where applicable) in his/her name for the start date of the assignment.
  • Once approved, Keystone Property Management will do an inspection with the outgoing Tenant(s) and an incoming inspection with the Assignee(s).
  • Expectations of move-out condition of apartment are as per lease.

Sublet

  • Tenant(s) and Guarantor(s) will assume full responsibility for the sublettor(s) by signing paperwork.
  • Rent payments will continue to be received from the Tenant(s) and the Tenant(s) shall be reimbursed directly from their Sublettor(s) as per their own arrangements.
  • Expectations are that there will be no move-in or out of furniture adding to extra wear and tear  of the building.

Leasing Services

Please contact our office should you require our leasing agent’s service.  While we make no promises, should our leasing agent be successful in finding a suitable assignee(s), 1/2 month’s rent  plus HST will apply.

This service applies to assignments only and not sublets

  • Written confirmation of request for leasing services would be required from the Tenant(s).
  • A scheduled inspection of premises would be set up and the  apartment would then be posted on our website.
  • Keystone Property would in turn send the Tenant a Letter of Understanding of services.
  • Our Leasing Agent would field all incoming calls and arrange showings.

For further information please refer to the Landlord and Tenant Board Website at:
www.ltb.gov.on.ca