Property Management
A Virginia commercial tenant who sublets their space to another party without the landlord's consent may be:
APermitted to do so freely unless the lease prohibits it
BIn breach of their lease if the lease contains a no-subletting clause✓ Correct
CRequired to pay a subletting fee to VREB
DRequired to obtain a new lease for the subtenant
Explanation
Most commercial leases contain provisions restricting or prohibiting subletting without the landlord's written consent. Subletting without consent when prohibited by the lease constitutes a material breach.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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