Assignment Of Contract Agreement For Rental
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How to fill out Assignment Of Contracts And Agreements?
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FAQ
The process of assignment of a lease is essentially selling the lease to a third party (the assignee). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.
An assignment is the transfer of the a 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.
Assignment is the legal term used when a tenant passes on their secure tenancy to another eligible person or "assignee".
On assignment, the assignor's legal interest in a property is passed to the assignee who takes over that interest and becomes the tenant. All the terms of the original tenancy agreement apply to both the new tenant and the landlord, including the amount of rent payable.
An application for consent to assign should usually be sent to the landlord or its agents. The tenant will be liable for the landlord's costs whether or not the application is approved (although it may be possible to get the assignee to pay if the assignment is completed).