Assignment Of Residential Lease Forfeiture Clause
Description
How to fill out Florida Assignment Of Lease From Lessor With Notice Of Assignment?
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FAQ
An assignment is the transfer of one party's entire interest in and obligations under a lease to another party. The new tenant takes on the lease responsibilities, including rent and property maintenance, and the original tenant is released from most (if not all) of its duties.
A landlord cannot terminate a lease early simply because the landlord wishes to sell the property, unless the lease expressly gives the landlord such a right. If a rental property is sold, the new owner/landlord must honor a rental contract existing at the time of the sale.
Forfeiture clauses allow a seller, upon a buyer's default, to declare the contract forfeited, to repossess the property, and to retain all previous payments from the buyer as liquidated damages.
In the case of a lease, forfeiture clauses apply when someone, typically when renting a commercial property, fails to pay the rent on the leased building. This gives the landlord the power to terminate the lease with the tenant.