What best describes a sublease?

A sublease is best described as a partial assignment of an existing lease. In a sublease arrangement, the original tenant (sublessor) leases part or all of the rental property to another party (sublessee) while retaining some interest in the lease. This means that the original tenant remains responsible for the obligations of the lease with the landlord, even though the sublessee is occupying the property.

This structure allows the original tenant to share their space with another tenant, which can be beneficial for various reasons, such as financial relief or accommodating temporary situations. The sublessee typically does not have a direct lease agreement with the original landlord, so the obligations and rights are primarily governed by the sublease agreement between the sublessor and sublessee.

The other options mischaracterize the relationship and terms involved in a sublease arrangement. A sublease does not fully transfer the lease to a new tenant nor does it dissolve the original lease; the original tenant maintains a vested interest. Additionally, while rent may be modified in some situations, a sublease is not defined as a lease modification. Overall, understanding these distinctions is crucial in real estate transactions and rental agreements.