This week, our post is about the Lease Terms and Conditions. Today, we would like to talk about the Assignment and Subletting. First of all, we need a simple definition of the assignment. An assignment is the transfer of the party’s entire interest in a lease. When a tenant assigns its lease, the assignee takes over the tenant’s obligations under the lease and deals directly with the landlord. The landlord also retains his/her privity of contract with the original tenants, unless otherwise agreed.
How does a lease assignment work?
A lease assignment is when your landlord legally transfers your interest in an apartment lease over to another tenant who will live there in your place. … The new tenant, your assignee, becomes the tenant under the lease agreement instead of you.
What does assign premises mean?
An assignment involves transferring the lease from one party to another. After the assignment date, a tenant’s rights and obligations no longer exist. Tenants looking to vacate their premises entirely should, where possible, assign their lease as it gives rise to fewer liabilities and duties.
Assignment and Subletting:
In addition, any tenant has the right to sublet their rental unit, as long as they get the landlord’s consent. The difference between an assignment and a sublet is that in an assignment, the original tenant is moving out for good and transfers the lease to the new tenant.
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