Need to Move? Let’s Make Selling Your Contract Easy.

If you're planning to leave Somerset before your lease ends, you have the option to sell your contract to another student. Below is everything you—and your buyer—need to know to complete a smooth contract transfer.

Step 1: Market Your Contract

Use all available channels to find a buyer. These are the most effective:

· BYU-Idaho Bulletin Board (our top recommendation)

· Craigslist

· KSL Classifieds

· Facebook & Facebook Housing Groups

· Instagram​

Tip: Repost you’re listing often so it stays visible. The more you promote it, the faster you’re likely to find a buyer.

Step 2: Your Responsibilities as the Seller

· You are responsible for finding a buyer and negotiating the price.

· You must pay a $150 contract transfer fee before the transfer is considered complete.​
​
​· If you choose to discount your contract, you are responsible for covering the difference.
​
​· Rent must still be paid on time while your contract is active, even if you’re in the process of selling.

· Notify management in writing once you're ready to sell.

· Fill out the Contract Transfer Form (on next page after agreeing to terms and conditions) to have your contract listed on our website.
​
​· Once a buyer is found, contact management to begin the transfer.

· You’ll be asked to sign a Seller Agreement through your resident portal.

Step 3: Buyer Responsibilities

· Submit an application on the Somerset website.

· Contact management and confirm they’re buying your contract.

· Mention the seller’s name in the application notes.

· Sign a new lease and Buyer Agreement.

· Pay the application fee and deposit.

Important: The contract isn’t transferred until the buyer has completed all these steps.

Step 4: What We Do

· We’ll post your contract on our website using your submitted information.

· You’ll be added to our lease transfer list in the order received.

· Once your buyer is approved, we’ll finalize the transfer after confirming:

          o You’ve signed the Seller Agreement.

          o Your $150 transfer fee is paid.

​          o Your buyer has signed their lease and paid their deposit.

· Once finalized, any rent charged for the sold semester will be reversed, and applicable refunds processed.

Important Notes

· Be proactive. Posting frequently and offering a competitive price increases your chances of success.

· Contract transfers are not guaranteed. If a buyer isn’t found, you remain responsible for your lease.

· Parking contracts do not transfer. Parking is first come, first served and returns to our inventory upon contract sale.

**This action serves as your digital signature. A digital signature carries the same legal effect as a handwritten signature, indicating your agreement to the terms and conditions specified above.

After submitting, you will be redirected to the Contract Transfer Form.

Need Help?

We’re here to assist you. If you have questions or need tips for selling your contract, reach out any time.

(208) 356-6664

somerset@redstoneresidential.com