Lease Assumption Process

Our lease assumption process involves full lease assumptions, individual roommate assumptions, roommate removals and roommate additions. Please read the instructions and information below carefully before proceeding.

General Information

You are responsible for finding new tenant(s) to take over your lease or portion of your lease. You will need to advertise and show your rental. When you have found a party that is interested in applying for your rental they must fill out applications, be screened and approved before they can move-in. We will only screen one interested party at a time.

All potential new resident(s) and all new cosigner(s) must:

1. Submit application(s):

  1. Tenants fill out applications HERE
  2. Cosigners fill out applications HERE

2. Submit proof of income (two most recent paystubs showing, W2 forms, social security benefits, retirement funds). Proof of income may by uploaded with your online application.

3. Submit copy of valid ID (current driver’s license, passport, or government issued ID). ID's may by uploaded with your online application.

4. If you are unable to upload proof of income and ID copies with your online application please email copies to screenings@blueoakchico.com. Please note the property address you are applying to in the subject of your email.

Security Deposit: your security deposit is held in the property trust account and we cannot release it. Incoming residents will pay outgoing residents their portion of the deposit. The amount paid is to be settled between the two parties. The original security deposit remains with the lease until the actual lease ends and is then refunded to whomever is on the rental agreement at that time.

Please noteBlue Oak Property Management does not clean the carpets, provide janitorial cleaning or any other services normally associated with a “new move-in”. New residents are assuming current condition of property and terms of existing lease agreement.

Lease Paperwork: All current tenant(s) must agree to the new tenant(s) taking over the rental agreement. When new tenants/cosigners are approved by us we will email out a Request for Approval as Co-Tenant form to add the new resident(s) to your rental agreement and a Removal from Rental Agreement form which will then remove you from the rental agreement. These will be signed electronically online. *Please note: these forms need to be signed by ALL current and future residents.

Admin Fee: an administrative fee needs to be paid to start the process. The fees for each are as follows:

  • Full lease assumption: $300
  • Roommate assumption: $150 per tenant added
  • Roommate removal only: $150 per tenant removed
  • Roommate addition only: $150 per tenant added

Begin the Lease Assumption Over Process:

Start the lease assumption process by completing the form below. This form must be filled out for all lease assumption requests. Before you begin please make sure ALL applications have been submitted and you have a payment method ready to pay the administrative fee which will be paid when you submit your request (credit or debit accepted). Important: we will not review your request unless all application(s) have been submitted and administrative fee has been paid. The admin fee will be refunded if the applicant(s) are not approved.

For all roommate assumptions, roommate additions and roommate removals please fill out the form below separately for each tenant.

This form is required before we begin the lease assumption or roommate removal/addition process.

 

 

 

 

 
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