An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party.
A Sublease Assignment and Assumption Agreement is a legal document that allows a tenant (known as the sublessee) to take over the responsibility of a lease from another tenant (known as the sublessor). The agreement outlines the terms of the sublease, including the length of the sublease, rent payments, and any other obligations of the sublessee. This agreement also covers the rights and responsibilities of both parties. The agreement is made between the sublessee and the sublessor, and the original landlord is not involved in the agreement. There are two main types of Sublease Assignment and Assumption Agreements: residential and commercial. A residential agreement is typically used when the sublessee is renting a residential property, such as an apartment or house. A commercial agreement is used when the sublessee is renting a commercial property, such as an office or retail space.
