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.
You should include details like the names of all parties involved, the duration of the assignment, and any rules to follow. It's like making the instructions clear before starting a group project.
Absolutely! A lease assignment transfers the lease, while subleasing means you keep the original lease but let someone else stay. Think of it like lending a book versus giving it away.
Yes, in many cases, you could still be on the hook if the new tenant doesn't fulfill the lease terms. It's like being responsible for your old bike even after selling it.
Not really; you usually can only assign it to someone who meets your landlord's approval. It's kind of like needing a good reference before joining a team.
If your landlord says no, you might have to figure out another way to stay or find someone else to rent from. It's like finding a backup plan when your first idea doesn’t pan out.
Yes, you typically need your landlord's okay before passing the lease along. It's like getting a thumbs up before changing the plans.
A lease assignment is when a tenant allows someone else to take over their lease, just like passing the baton in a relay race.
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