Looking To Reassign Your Contract?
Follow these simple steps to begin the process of reassigning your housing contract to another person.
- Locate a potential candidate. You will be responsible to locate the individual whom you would like to take over your contract.
- Fully complete an Assignment Intent Form. You must sign your assignment form which will be sent to your resident portal before we can accept.
- Have the incoming resident apply. The individual who is taking over your contract must apply and be approved before your reassignment is completed.
- Pay the assignment fee. There will be a fee added to your resident portal which will need to be paid before the reassignment is completed.
- Return your keys & move-out form. Be sure to fill out the attached move-out form and return with your keys.
- Complete the new tenant process. Upon pick up of keys by the new tenant the process will be complete.
Once the incoming resident is approved in our system, the following steps will need to be verified before we can facilitate your reassignment:
- You must have a current balance of $0.
- All forms and fees are submitted and paid.
- You must turn in keys and an inspection of your unit completed by our office. Please note, you will need to coordinate with the incoming resident your expected move-out date. Our office will need 48 hours to process your move-out, which would prevent the incoming resident from moving in any time within the 48-hour window.
Prior to the incoming resident moving in, they will need the following items verified before we can issue keys:
- Complete an application for the current period by going to the “Apply Now” tab.
- All fees paid, including Application fee, administration fee, (reassignment fee for current resident), Simple bills sign up fee, security deposit.
- Completed registration of SimpleBills account.
- Sign “As-Is” agreement on resident portal.
Please note move-in’s will need to be scheduled with the office during normal office hours, Monday-Friday.
Housing Contract Reassignment FAQs
By reassigning your contract, you are releasing all obligations of the contract to an approved applicant to resume said obligations through the duration of the contract. When you Sub-lease the subtenant must pay rent and comply with the lease terms, but the principal tenant remains ultimately responsible for the lease. Foundry Lofts does not allow subleasing and reserves the right to remove any one person not legally covered under an executed contract.
Once you have completed the process to reassign your bedroom, an inspection of your unit will follow your move-out and retrieval of your keys. We will assess the current condition of your bedroom prior to anyone moving in and charge accordingly. The incoming resident will have 48 hours upon moving in to submit their own move-in inspections to notate any damages prior to their arrival. At that time, they assume all responsibilities in this bedroom moving forward.
The office does not facilitate advertising available reassignments nor finds potential applicants; however, several residents find success searching through various social media groups.
If you cannot successfully find someone to reassign your contract, we will remove the $650 fee from your account and credit the amount paid onto your current account balance.
Yes. If you would like to take your contract back over, as a returning resident, please complete a new reassignment form and email it to us.