Assignment

Assignment of Your Rental Unit

What is an assignment?
An assignment is when a tenant (the assignor) cannot fulfill their lease term, therefore gives all obligations and rights under their current tenancy agreement to another person (the assignee). In an assignment, the original tenant will not return to the rental unit, giving up all right to occupy the rental unit for the rest of the tenancy agreement. This is different from subletting as subletting means the tenant will eventually return to the unit. 

Who is responsible for assigning the unit?
The tenant is responsible to find a person to move into their rental unit on an assignment. The tenant is responsible to arrange and pay for advertising their rental unit for an assignment (when required). An assignment is not valid unless the landlord gives consent. The tenant taking over your lease agreement is required to complete an application form and screening process just as the original tenant was required to do at the beginning of their tenancy.

Is there a fee to assign my unit?
Yes. A small $75 fee is charged to the assignor. This fee is deducted from your security deposit. The fee covers the screening of the new applicant(s) as well as all admin preparation that goes into an assignment. 

How do I assign my unit?
First, you must give proper notice in writing to our office. An email is an acceptable form of giving notice. Your notice must be for the end of your tenancy agreement (eg if your lease ends on March 31st, then your notice letter should indicate that lease end date – even though you intend on vacating and assigning your unit before then). Once your assignment request has been approved by our office, you may advertise your unit. It is important that whoever is taking over your lease understands this is an assignment and that they are accepting the unit as is – the landlord does not check the suite between occupancies nor do we complete another condition report with the assignee (new tenant). Once you have found someone to take over your lease agreement, both parties are required to complete this form.

How long does it take for my assignment to be processed?
The assignment process can take up to three weeks to complete. Please allow 10 business days for our Lease Administrator to process your application and necessary paperwork.

PLEASE NOTE: A tenant cannot assign their unit if there are less than three (3) months remaining on their tenancy agreement/lease. A tenant that is in a month-to-month lease cannot assign their unit.

The assignee must then submit an application to info@vhproperties.ca so they can be screened. Once they are approved, and all deposits have been received by our office (security deposit and pet deposit if applicable) both parties will make arrangements to meet with the property manager to finalize the paperwork and lease documents. All cancelled deposits are subject to an admin fee.

For a complete step-by-step process, please refer to this form.

 

 

Cancelled applications that require a deposit refund may be subject to a cancellation fee.