Breaking a TF Cornerstone Lease: How the Assignment Process Works

Step 1 · Permission

Ask management before you advertise the apartment.

Contact your TFC management office and say that you need to leave before the end of your lease and would like permission for a lease assignment. Ask for the response in writing.

TFC has allowed an assignment in nearly every TFC case I have handled, but permission is not automatic. Ask management to confirm the approved rent, fee, application process, and timing.

Step 2 · The TFC letter

Management sets the terms for the replacement tenant.

TFC will usually provide a letter that confirms the approved rent for the incoming tenant. It may also include the assignment fee, application instructions, and timing requirements.

Assignment or sublet?

The right option depends on whether you are leaving permanently.

A sublet can open the apartment to a broader pool when someone does not meet the income or credit standards for a full assignment. In cases I have handled, sublet candidates did not always need to complete the same 40-times-rent and credit qualification process as a new leaseholder. The original tenant remains responsible, however, and management still needs to approve the arrangement.

Step 3 · Find the new tenant

Once TFC approves the assignment, we can market it.

If we work together, we sign a marketing agreement that explains my role and brokerage fee. I then prepare the listing, manage inquiries, screen prospective tenants, and help the selected applicant submit what TFC requests.

The broker fee is due at lease signing. It is separate from the assignment fee charged by TFC, and the marketing agreement states the amount and payment terms before work begins.

Money and timing

Account for the fees, security deposit, and any mid-month proration.

• TFC assignment fee: commonly about $1,500, subject to the current written terms from management.
• Broker fee: due at lease signing under our marketing agreement.
• Security deposit: returned to the departing tenant after the assignment is complete and move-out occurs, subject to TFC's final accounting.
• Mid-month move: rent may need to be prorated. TFC may make the adjustment, or the departing and incoming tenants may need to settle it directly.

The apartment handoff

A lease assignment is generally an as-is handoff.

Condition can become the most complicated part of the transaction. Mounted televisions, furniture, shelves, and artwork may leave holes that need to be patched. Painting may also need to be discussed. TFC generally does not want to manage those arrangements between the departing and incoming tenants.

Before move-in, both sides should agree on the apartment's condition and any patching, painting, furniture, or key arrangements. Photos and a short written agreement help prevent confusion. It is also courteous—and usually worthwhile—to arrange one deep cleaning before the new tenant moves in.

Process overview

Five stages from permission to handoff.

1. 1

   Choose the lease-exit option

   Ask TFC for permission and determine whether an assignment or temporary sublet fits.

2. 2

   Confirm TFC's terms

   Review the approved rent, fee, qualification requirements, and timing.

3. 3

   Find the right tenant

   I market the apartment and pre-screen prospective applicants.

4. 4

   Complete approval and signing

   The applicant follows TFC's process and the required agreements and fees are completed.

5. 5

   Coordinate the handoff

   Resolve proration, condition, cleaning, keys, move dates, and security.

What I help with

The goal is a smooth, well-coordinated handoff.

A TFC lease assignment has many moving parts: management, pricing, advertising, applicant qualification, documents, fees, timing, apartment condition, cleaning, and keys. I help keep those pieces moving and make the process as smooth as possible for both tenants.