There are two agreements that specify how Flip partners with you to take care of early lease terminations: a Master Services Agreement (MSA) that specifies the services we provide and related legal responsibilities, and a Scope of Work (SOW) that specifies the properties where the service will be provided and the documents we present to tenants.
These are summaries of the key items from each document.
- How Flip Instant works in partner buildings:
- Tenants who want to break their lease can pay Flip a one-time fee and assign the remaining balance of their lease to Flip
- Once assigned, Flip pays rent for the remainder of the lease
- Flip will find a subtenant and sublease the unit to them for a minimum lease length of 30 days
- If the subtenant wants to sign a regular lease once their sublease ends, Flip forwards them to your leasing team
- If there are any issues with the subtenant, Flip is responsible
- Legal protection for both sides, including indemnification of your company
- Which of your properties the MSA refers to
- The criteria Flip will use to screen subtenants
- The assignment and sublease agreements that will be used