If you are also an out-of-towner, you have probably already become an expert on leases and takeovers. The art of the student moving away from home to study is just that, trying to save money on housing by finding solutions that may be affordable. If you need more advice on living off-site, we recommend our guide with useful resources for the off-site student!
Apartments in college towns are being occupied and unemployed at an unprecedented rate. The rooms become vacant the moment one of the occupants finishes his studies and returns to his hometown. This is precisely the typical case in which one can opt for takeover.
Let us therefore proceed step by step and see what are all the steps to be taken to properly carry out the takeover.
1. Check the conditions placed on the lease.
The first thing to do, without any doubt, is to make sure that the original lease does indeed provide for the possibility of a takeover. Not all landlords, in fact, grant this opportunity. Very often when people talk about taking over they think of something that is not very legal, a practice that would actually be better avoided because then, who knows, maybe the landlord might not agree. In fact, there are no maybes or buts, and the law is clear about this. Indeed, it is sufficient to know the specific regulations in order not to make a mistake. Figuring out whether or not the property can be granted to a new tenant is not difficult at all. More than anything else, you need to read the contract and make sure that it does not explicitly state that a takeover is prohibited. Once this is averted, one can proceed in making arrangements with the previous tenant.
2. Evaluate the convenience and economic benefits
For a young person like you, who has to move out of the blue to a new city, start college and, let’s face it, also figure out if that’s really where he or she belongs, a subrogation contract to another student might really be the best solution. You could give yourself a few months to settle in and consider whether that might remain your permanent home or whether you would prefer to look elsewhere instead. The costs of taking over registration are not prohibitive at all, and it is certainly a more affordable option than outright leasing.
By entering into the new contract and taking over, the previous contract can be declared permanently terminated, and from then on you will be the one with a current contract and all responsibilities will shift to you.
3. The completion of the F24 Elide Form.
So we have come to the most important step, the one concerning the communications that need to be made in order to give the contract effective validity.
Don’t worry, it’s not complicated, now you’ll hear about F24 Elide forms, tax codes, taxation, but relax, you can do it!
You can download the F24 Elide Form directly from the Internal Revenue Service website. It is used to pay the registration tax of €67, which is mandatory, to be paid within 30 days of taking over.
The form must be filled out carefully and must specifically state a number of data:
(a) the master data of the former lessee and those of the person taking over;
(b) an indication of the amount of €67 to be paid;
(c) the specification of the registration data of the old contract, which can be found on the same, normally on the last page, where there is the stamp affixed by the Internal Revenue Service;
(d) the tax code, which is essential for the payment to be docked correctly, is 1502;
(e) it should be specified in the appropriate field that this is a lease takeover.
4. Pay the F24 Form at the bank or post office
Once you have completed it, all you have to do is go to the post office or bank counter and pay the F24 Form. Keep the receipt you will be issued, as you will need it for the next step.
5. Make the notification to the Internal Revenue Service.
For transmission to the Internal Revenue Service of the form you have already filled out and paid for, you have two options. You can go in person to the counter, perhaps making an appointment, or you can submit it electronically. Here is how to proceed in both cases:
– The delivery of documents to the counter
If you decide to go to the Internal Revenue Service in person, you will need to bring with you the completed and paid F24 Elide Form, a copy of the contract entered into, and a copy of your ID card and social security number.
– Online communication and the RLI model
If queues at the Internal Revenue Service are too much of a burden for you to bear, as we mentioned just above, you can move exclusively online. If you decide to go this route, to report data to the Internal Revenue Service, then forget what you just read about F24 Elide and focus instead on filling out the RLI (Real Estate Lease Registration) form. This is a simple form used for online communication of lease assignment. Again, some specific data are requested that can be taken directly from the contract, such as the cadastral data of the property being reported. You enter the master data of the two parties to the new contract and you are done! Sending electronically saves time and effort and greatly speeds up the whole process.
6. The private writing between old and new tenant
In order to formalize officially your taking over from the previous tenant, you and he should also proceed to draft a private writing in which everything is put in black and white. However, there is also good news. This time, in fact, no predetermined forms will be needed to be downloaded, but a freepaper writing in duplicate to be signed in original will suffice. A €2 revenue stamp must be affixed to both copies, but it will not be necessary to notify any agency. Instead, it will be sufficient to keep one copy each, together, of course, with the registration receipt of the lease.
We have seen in detail the steps to be followed to make a takeover of leases; if you have any doubts about this, we recommend that you contact an accountant or contract expert.
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