Lease Transfers

How to handle (Roommate Addition(s) or Release) in US apartments?

TIP

A template of lease transfer information.

Below you will find the details involved with completing a lease transfer otherwise known as the removal or addition of lease holders. Please note that this document is attempting to answer frequently asked questions. On the final page of this document you will find the full Roommate Assignments Policy from the Lease Agreement. Please contact the Management Office with any questions.

Source

Ironstate Management Columbus Collection| The Gotham | 340 3rd Street, Jersey City, NJ 07302 | 201.761.0350 TheColumbusCollectionManagement@ironstate.com

Application Process (Roommate Additions)

1. Complete the Lease Transfer Request Form (provided by the Management Office).
2. Once received, any new applicant(s) will receive an email invitation to complete an online application.
3. After completing the application, you must notify our office by emailing TheColumbusCollectionManagement@ironstate.com.

• Attach a photo or scan of a valid government-issued photo ID (e.g., Driver’s License, Passport, Visa).
• Include proof of income documents to support the income entered in the application (refer to the "Qualifications" section for more information).

Fees

• $500 administrative fee (amount subject to change).
• This fee will be charged to the Rent Café Ledger when the substitute tenant addendum is signed by all parties.
• $100 application fee per applicant.

Qualifications

• The person requesting to be added to the lease must qualify for the apartment the same way a prospect for a new apartment would. The first step is to complete an application for residency. This can be completed online or by hand.

• If you are only adding a leaseholder, income verification is not required to be provided since the existing leaseholders have already satisfied this requirement.

• If you are removing a lease holder, we must re-verify that the remaining lease holder(s)’ income can qualify for the apartment. In such cases, current proof of income documents must be submitted. Please contact us for more information on the income amount requirements. You may also use a guaranty company to qualify for the apartment. Most Guaranty companies will require that all lease holders apply together to receive approval. Please contact the guaranty company for more details.

• If you are removing and adding leaseholders, the new group of leaseholders must qualify for the apartment together just as the original leaseholders did upon first applying.

• Once an application is submitted, a background screening will be conducted.

• If the current residents were approved through a guaranty company (i.e. “The Guarantors” or “Leap”), additional approval will be required. Management reserves the right to deny any application that doesn’t meet our current qualification requirements.

Security Deposit

• The Security Deposit that was paid upon move in will remain with the apartment. If you are vacating your apartment and being released from the lease, you will need to discuss reimbursement for the Security Deposit with the person being added. Applicants should not remit any payment to the existing roommates until their application is approved and all lease transfer documentation has been executed by all parties.

• Any damages that exist in the apartment at move out will be the responsibility of the lease holders who remain when the lease ends. If you are being added to an apartment, it is recommended that you note any damages that exist prior to you moving in. The Management or Leasing Teams cannot assist with these discussions.

Lease Agreement/Terms

• The person being added to the lease will assume the exact same term as the person had who is being released. The lease end date will not change.

• The person being added to the lease should review the lease in its entirety and understand the information included.

• When the lease expires, the new lease holders will have the opportunity to renew. If all the current lease holders are being removed and new lease holders are being added, the terms of the lease renewal must be agreed upon before processing the lease transfer. This requirement is in place to avoid unnecessary administrative burden for an apartment that will ultimately be vacated.

• Any fees (amenity, pet, parking, etc.) are non-refundable.

• Lease Transfers are not eligible for rent negotiations and do not qualify for current concessions and/or specials being offered.

• As per the original lease agreements, there are occupancy limits based on apartment sizes. The maximum number of lease holders for a studio or 1BR is 2, 2BR is 4, and a 3BR is 5.

• If approved, all lease holders will be required to sign a Substitute Tenant Addendum to confirm the changes.

Apartment

• The apartment will not be cleaned, painted, or repaired as part as a lease transfer. The apartment is accepted “as-is”. We will not complete move in/out inspections as part of a roommate transfer.

• If Maintenance is needed to any apartment fixtures, a lease holder may submit a maintenance request to repaired. Please review the Lease Agreement regarding what the Landlord/Owner will service. Service fees may apply.

Utilities

• PSE&G - If none of the original leaseholders are staying on the lease and a new group has been added, the new leaseholders must provide a new account number. You can contact PSE&G by calling 1(800) 436-7734.
• Renter’s Insurance – an updated policy must be provided reflecting the updated names of the new lease holders.

Timeline for Process

• Please allow 7-10 business days from when the application is submitted until the Roommate Addition/Deletion forms are sent and executed.

Roommate Assignments Policy from the Resident Lease Agreement

A. In the event that one of the Tenants wishes to be removed from the Lease and desires to substitute another party on to the Lease, all existing Tenants must agree in writing to the substitution and will agree to work out the details regarding Security Deposit amongst themselves. Tenant will require the substitute Tenant to fulfill the Lease obligation. The prospective Tenant(s) must agree to the normal application process including requisite credit and background checks, rental application fee, and the Administrative Fee of $500.00 for each Tenant substitution approved by the Landlord. A maximum of (2) two new roommate assignments may take place during the existing lease term. The matter of who pays this fee is to be worked out amongst the existing and potential Tenants. Landlord reserves the right to reject an applicant who does not meet Landlord’s normal rental standards without waiving any rights contained within this Lease. If accepted, the new Tenant agrees to sign the Substitute Tenant Addendum in lieu of the existing lease in progress and accept the Unit in an “as is” condition and accept responsibility for any damage that exists at the time they move in. Should the proposed Tenant not be approved based on the screening results, the existing tenant will not be removed from the lease. The proposed Tenant must qualify for the Unit prior to the execution of the notice to vacate form that is submitted by the existing tenant.

B. If the Unit is occupied by several unrelated individuals (roommates) and one or more individuals ceases occupancy of the Unit but the Lease continues in force, any reimbursement of the Security Deposit is a matter solely between the individuals signing the Lease, and the Landlord is not responsible for any reimbursement to an existing Tenant or subsequent collection of Security from a new roommate. The responsibility for working out ownership of the Security Deposit during the replacement of the roommates rests solely among the roommates, and the Landlord will not become involved in mediating any settlement among the existing or new roommates with regards to damages to the Unit. For the purposes of refunding the Security Deposit or assessing damages to be deducted from the Security Deposit, the Landlord will only inspect the Unit upon the apartment being vacated and the lease being terminated. Any negotiations regarding damages or unpaid rent before the termination of the lease must be resolved amongst the Tenants and prospective Tenants.