Take over IAC Lease?? Is it better then renting from IAC?

[wendyinoc_IHB]

So I have been researching on how to get the best deal with IAC. Since IAC has a very high lease break fee many individuals are offering incentives to take over their lease. Anyone done this before??? It seems like a win win. I am concerned to resign a long lease since prices are dropping. Most have been willing to pay me the difference on current rate and an additonal incentive like keep their deposit.

What do you all think?

 

[usctrojanman29_IHB]

[quote author="wendyinoc" date=1236422987]So I have been researching on how to get the best deal with IAC. Since IAC has a very high lease break fee many individuals are offering incentives to take over their lease. Anyone done this before??? It seems like a win win. I am concerned to resign a long lease since prices are dropping. Most have been willing to pay me the difference on current rate and an additonal incentive like keep their deposit.

What do you all think?</blockquote>
I think it is a great idea. I'd definitely offer up my IAC rental unit if I got a full-time job in another location and provide the new renter with an incentive to take over my lease. Also, when my lease is over I'll definitely be looking around to see if I can someone who is in need of me taking over their lease.

 

[Cuatro_IHB]

It's risky. IAC has a standard, no sublease policy...you qualified for that apartment and received those terms based on your credit/financial situation. They won't allow a substitution. If you include IAC in the process you are going "rent responsible." Many properties offer this option which essentially allows you to move out and you're off the hook once your apartment is rented out to another it doesn't matter if IAC finds the new renter or you bring one yourself). The hitch is, IAC will expect a new (likely 12mo+) lease and the pricing is controlled by them (who knows some managers may go along with allowing your terms to stand if you bring the new lessee...i imagine this to be a longshot though). Subleasing would have to be done behind IAC's back...which is what the rest of this post assumes:



So if you are the person offering your home to someone else, you are breaching your agreement. Also, you have to consider how the actions of your "tenant" will affect you. If I were a less scrupulous person I would take you up on your offer, move into your apartment, and leave with all the appliances, fixtures, and anything else I could tear out of the place over a period of a few weeks. Try explaining to the IAC lawyers why you shouldn't have to pay for all the damages resulting from your breach of contract...and you know there are some real scumbags out there looking for these opportunities.



If you are the individual moving into someone else's IAC unit, it's less risky...but headaches still exist. Whenever you seek any interaction with the office or maintenance staff, you have to pretend to be the person on the lease. If IAC becomes aware of any utilities changing over in the name of someone not in the lease, they may require explanation.



I'm curious what one would do if the person whose name is on the lease lets you move in all your items and then has IAC change the locks while you're at work? Or what if you just move in and then are robbed the following week? You have no idea who has a set of keys to that place. How would you take care of the security deposit issue if you are taking over someone's lease? Would you cut them a check for the amount of security IAC has on hand from them? That sounds risky.



In my opinion, no matter which party you are, the potential for disaster is too great. But you'd have to do the cost/benefit analysis for yourself.

 

[wendyinoc_IHB]

I spoke to IAC. How it works is were added to the lease of the current renter. We then right after fill out a form and get the old renter off the lease. We then continue the remaining lease until ends. Who ever is on the lease at the end gets the deposit back.

My only neg now is this weekend they were offering alot of incentives at many properties. However, at my own property they won't give me the incentive since I live here. Which is really weak. Why they will give it to a new person and not keep current renters is beyond me.



I do like the point of changing the locks. Never thought of it so thats a good idea to get changed.

 

[usctrojanman29_IHB]

[quote author="wendyinoc" date=1236604072]I spoke to IAC. How it works is were added to the lease of the current renter. We then right after fill out a form and get the old renter off the lease. We then continue the remaining lease until ends. Who ever is on the lease at the end gets the deposit back.

My only neg now is this weekend they were offering alot of incentives at many properties. However, at my own property they won't give me the incentive since I live here. Which is really weak. Why they will give it to a new person and not keep current renters is beyond me.



I do like the point of changing the locks. Never thought of it so thats a good idea to get changed.</blockquote>
Let your feet do the walking. I'm sure you can get a great deal at another IAC location. Yeah, moving can be a pain in the booty but if it saves you thousands of dollars it's totally worth it.

 

[Cuatro_IHB]

I see, Wendy. I've heard that before and that's the case of the on-site staff deciding to deviate from normal procedure (maybe they just don't know any better, but whoever recommended that could potentially lose their job for telling you how to circumvent IAC practices). If they assure you they can get it done and you're comfortable with that, then go for it. But that deal may not be around tomorrow if a higher up finds out about it.



The one concern I have is you never really know how much of that deposit you're getting back until IAC does the final walk through inspection. They almost always keep money for cleaning, carpet wash, and touch up or full paint. But to pin it to an exact dollar amount when you're negotiating with the existing tenant is too tricky. Look for things like painted accent walls which will need a full primer and repaint, hidden carpet stains, and, if they have pets, avoid it all together. IAC does a pet scan that involves black lighting and maybe some pH tests. If they determine there to be too much hidden pet damage to carpet or walls they may decide to replace them and hit you with the bill.



Of course, I'm sure it works out fine for most people. But everyone has heard a horror story here and there. Just keep your eyes open to the potential disasters when you make your decision. After all, if they have such a great deal on their current lease, why do they want to leave? Make sure you're 100% satisfied with their answer to that question before even considering it.