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Lease Takeover Notification Form

This document outlines the responsibilities and requirements for both current and new tenants regarding a lease takeover. For current tenants vacating early, they are responsible for rent and utilities until the new tenant's lease begins and any damages to the unit. The new tenant assumes the property and lease "as is" and will be responsible for any damages or balances on the account. Both parties must sign acknowledging agreement to the terms of the lease takeover for the new applicant's application to be processed, including a $200 takeover fee and security deposit due upon approval.

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Nithish Saji
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2K views1 page

Lease Takeover Notification Form

This document outlines the responsibilities and requirements for both current and new tenants regarding a lease takeover. For current tenants vacating early, they are responsible for rent and utilities until the new tenant's lease begins and any damages to the unit. The new tenant assumes the property and lease "as is" and will be responsible for any damages or balances on the account. Both parties must sign acknowledging agreement to the terms of the lease takeover for the new applicant's application to be processed, including a $200 takeover fee and security deposit due upon approval.

Uploaded by

Nithish Saji
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
  • For New Resident: Explains the obligations and agreement terms for the new resident taking over the lease, highlighting damages and necessary repairs.
  • Lease Takeover Notification: Introduction to the lease takeover process, outlining the form's purpose and general instructions.
  • For Current Resident Vacating Early: Details the responsibilities and conditions for the current resident who is leaving early, including inspection and refund processes.

Lease Takeover Notification

You have been given this form to attach with your application for ___________________ because
you have inquired about taking over an existing lease agreement. Below are some items you need to
be aware of regarding a lease takeover. Your application will not be processed without this form being
signed by ALL parties. Once approved there is a $200 takeover fee due. The deposit payment is also
due once the application has been approved.

For Current Resident Vacating Early


1. When you choose to find a new tenant on your own, the new tenant must apply, be approved, pay a
deposit, and sign a new lease. Only then will the current tenant's lease be terminated.
2. All damages to the unit caused by the original leaseholder must be settled between the current
leaseholder and incoming leaseholder. All damages assessed during move -out inspection will be
appropriated to new leaseholder at the end of the lease term.
3. You will owe 100% of rent until new lease holder's lease commences.
4. You will owe 100% of utility costs until new lease holder's signed lease commences.
5. The security deposit will be dispersed to current leaser within 30 days after the new tenant's lease
commences and they have paid a new security deposit to WPM.

__________________________________ _____________________________________
Signature of Current Tenant Date Signature of Current Tenant Date

__________________________________ _____________________________________
Signature of Current Tenant Date Signature of Current Tenant Date

For New Resident

1. You are taking over the existing property AS IS!! This means that if there are damages that the current
tenants have caused YOU ARE ASSUMING THIS DAMAGE AND ALL COSTS ASSOCIATED WITH
REPLACEING OR REPAIRING.
2. WPM strongly suggests that before you agree to take over the lease of another tenant you request a copy
of the move-in checklist submitted by the current tenant to see what the condition of the property was like
when they moved in. If a check sheet was not submitted then we have no choice but to assume the
property was in good condition at move in, and if there are any damages when you move out, EVEN IF
YOU DID NOT CREATE THEM, YOU WILL BE CHARGED!
3. WPM does NOT clean, paint, replace, or clean carpet or vinyl in between tenants for a lease takeover. If
you feel one of these issues needs to be addressed, we suggest you take this up with the individual's lease
you are replacing.
4. If there is a current balance on the account, from any type of charge (I.E., including but not limited to rent,
late fees, utility charges, or repair costs) you will become responsible for this balance once you sign the
lease agreement.
5. You will be assuming the lease for the price and dates of the existing lease; no dates or prices will be
changed.
6. We do require proof of renter's insurance before you can move in. The guidelines for the renter's insurance
can be found on the rental application.
7. If approved the security deposit payment will be due with your signed lease.

__________________________________ _____________________________________
Signature of Applicant Date Signature of Applicant Date

__________________________________ _____________________________________
Signature of applicant Date Signature of Applicant Date

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