Do you want to take over a lease that is currently in progress? Then you need to fill out a lease takeover application. Click below on ‘Apply Now’ to begin the application process. You will need to know the address of the unit that you are applying to, and the names of the occupants in the unit.
Roommate Add vs. Lease Takeover
Not sure if you are applying for a roommate add or for a lease takeover? Read below to see.
- You are being added to a Lease. Either no one is leaving and you are being added on to the lease with the current Tenant(s), or the Tenant leaving has completed their Lease Term and chosen not to renew (you are adding to the lease with the tenants who did choose to renew the lease).
- You will be taking over the remainder of the Lease Term from Tenant(s) who have not completed their Lease Term.
Lease Takeover Frequently Asked Questions
- What is a Lease Takeover? When one or all Tenants leave their unit before the end of their Lease Term, they are responsible for finding a replacement tenant. This new, Incoming Tenant is responsible for the Lease through the end of the Term (including any renewals of the lease and applicable rent increases).
- Where are the current Lease Takeovers listed? Apex does not keep a list of current lease takeovers being advertised. Outgoing Tenants are responsible to advertise their unit on their own. We advise them to use Craigslist, local media sources (like the Herald or the Western front), Facebook, word of mouth, or to post flyers.
- How long does the application process take? When all parties are in prompt communication with each other, the process takes about 5 – 10 business days. However, the application process can be delayed significantly by not returning communications (i.e. phone calls, texts or e-mails) promptly.
- What happens after I submit an application? Once processed and approved, you will need to complete the following steps to finish the process:
- Apex will send you an e-mail with all of the current Tenants’ Lease documents for the Incoming tenant to review.
- You will send Apex an e-mail stating that you have read and reviewed the Lease documents. In this e-mail you will let us know the Effective Date (the date you would like to exchange keys).
- We will e-mail you and the Outgoing Tenant the Lease and Novation Agreement to sign electronically.
- You will arrange with the Outgoing Tenant a time and a place to exchange keys. Apex does not coordinate switching keys. It is important to match the keys you receive to the original keys the Outgoing Tenant received from us. You will receive a photocopy of the original keys to use to match. If the keys do not match, then it will be assumed that the originals were lost, and you (the Incoming Tenant) will be responsible for a lock change at the end of your Lease Term.
- When can you move in to the unit? On the effective date of the Lease and Novation Agreement. Do not move into the unit before this day.
- Does the unit accept pets? Call our office to ask if a specific unit allows pets. If the Outgoing Tenant has a pet, this may not necessarily mean that another pet will be allowed.
- What if the Outgoing Tenant has a pet? The Outgoing Tenant will need to have a UV test done to the carpet to determine if there is any urine damage. Any issues will have to be resolved prior to the transfer of the lease.
- Why does Apex not clean the unit? We do not “turn over” units for lease takeovers. The Incoming Tenant accepts the unit in ‘as-is’ condition. However, at the end of Lease Term, the Incoming Tenant will be required to vacate the unit in the same condition that the Outgoing Tenant received it in. The Incoming Tenant will receive a copy of the move-in condition checklist during the application process. We advise the Incoming tenant to always view the unit before starting the lease assignment process and look for any damages they will inherit.
- Do I have to pay a security deposit? The security deposit stays with the unit. It is up to you and the Outgoing Tenant to negotiate reimbursement (viewing the unit is very important for this reason).
- What happens if I apply to takeover a lease but the Outgoing Tenant changes their mind and decides to stay? You can only take over a Lease if the Outgoing Tenant proceeds forward. Since this is a transaction originated by our Tenant and not us, we do not have any control over a Tenant changing their mind. Apex will not reimburse Application fees in this occurrence.