definition
strict definition
sub-lease
Related terms: sublease · sublet
A usage agreement between a party seeking to use a property and the party already holding leasing rights to it.
A sub-lease is a legal agreement giving usage and/or occupancy rights for a specific property or division of a property, made between a party seeking those rights and the party already leasing the same property from its owner.
The rent and duration are set by the sublease, subject to the original lease and applicable law. The arrangement can cover the whole leased property or only the part specified in the agreement.
Subletting does not by itself release the original tenant from obligations under the owner's lease. The subtenant's duties to that tenant arise under the sublease and applicable law.
Related definitions
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lease
A contract granting a party other than the owner occupancy or usage rights to a property for a predetermined period. -
sale
A contract or legal agreement transferring full ownership of a property from one person or entity to another. -
time-share
A permanent sale of property occupancy and usage rights limited to a specified, usually recurring time slot.