This is an Assignment of Lease. An assignment of a lease is the transfer of a lease by a lessee to a third party, with all its rights and obligations. The lessee transfers the entire unexpired remainder of the lease term to a third party. The assignor remains liable under the original lease contract unless expressly released by the original lessor.
Once you assign your lease, it's generally a done deal. You can't just waltz back in without a new agreement with the landlord.
The assignment document should spell out the new tenant's details, the lease terms, and you and your landlord’s approval. Clear as day helps everyone.
Yes, when you assign a lease, you hand over all responsibilities to the new tenant. With subletting, you still keep your lease and just rent out part of the space.
Being behind on rent can complicate things. Your landlord might not allow the assignment if you have unpaid dues.
If your landlord says no, you usually have to stick around till your lease ends unless you can negotiate something else.
Yes, generally you have to get your landlord's thumbs up before assigning your lease. It’s always wise to check the lease terms.
A basic assignment of lease lets you transfer your lease to someone else. Essentially, you’re passing the baton to a new tenant.
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