Form 516, Schedule - Agreement to Sub-Lease

What Is Form 516?

Form 516 or Schedule Agreement to Sub-Lease is a standard OREA attachment to Form 515 (Commercial Sub-Lease Form) that forms a part of it. This supportive document serves to confirm the lease agreement between a tenant currently leasing a property, a new tenant searching for a place, and the landlord. It must be signed by all parties to the Agreement to Sub-Lease, which are Sub-Tenant and Sub-Landlord. 

What Do I Need Form 516 For?

OREA Form 516 is required in the following cases:

• to indicate the parties involved in the sub-lease procedure (a sub-tenant and a sub-landlord);
• to pinpoint the real estate being leased to a new tenant by a commercial tenant;
• to specify the initial date of the permitted use of the property;
• to confirm certain lease obligations described in Form 515.

How to Fill Out Form 516?

Step 1: Click the “Fill this form” button to get a printable PDF blank and complete it online. 
Step 2: The Agreement to Sub-Lease Schedule has one page to fill out. In the first line, provide the full name of the sub-tenant/sub-lessee.
Step 3: The second line requires the name of the sub-landlord/sub-lessor.
Step 4: Indicate the property that is being leased in the third line.
Step 5: Enter the date when the form is signed in line 4.
Step 6: Provide the signatures of both parties at the end of the page.
Step 7: Click the “Done” button to download the fillable form on your PC.

Organizations That Work with Form 516

• Real estate agencies;
• Real estate brokers.