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What is the type of Lease?


What Is a Lease Assignment Agreement?

A Lease Assignment Agreement, also known as a lease transfer or an assignment of lease, can be used for both residential and commercial leases.

A Lease Assignment Agreement:

  • Allows the original tenant (the assignor) to transfer their remaining lease obligations to a new tenant (the assignee)
  • Specifies the conditions of the assignment, such as obtaining the landlord's consent
  • Notes whether the assignor is liable for breaches made to the lease by the assignee
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What's the Difference Between Subletting and Assigning a Lease?

Tenants who need to get out of a lease early may have the option to sublet or assign their lease:

  • Assigning your lease means to permanently transfer the lease to a new tenant. The assignee effectively takes your place in the lease, although you may remain liable for any debts or damages to the property
  • Subletting involves creating a separate rental contract with a subtenant, which allows them to temporarily occupy the property. The original lease remains in place, so you are still accountable to the landlord

Why Do I Need a Lease Assignment?

There are a number of reasons that you may need to leave before your lease ends.

Reasons to assign a residential lease include:

  • Relocating for work or studies
  • Downsizing to reduce living costs
  • Upgrading your living space
  • Moving in with a partner
  • Purchasing a home

Reasons to assign a commercial lease include:

  • Relocating
  • Downsizing to reduce operating costs
  • Expanding to a larger commercial space
  • Shutting down a seasonal operation
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What Information Is Needed in a Lease Assignment?

Your Lease Assignment Agreement should include the following information:

  • Type of lease: commercial or residential
  • Assignor, assignee, and landlord information
  • Original lease signing date
  • Address of the property
  • Length of the assignment
  • Assignor liability

Am I Still Liable if I Assign My Lease?

The landlord typically decides whether the assignor is liable for breaches to the lease terms.

  • If you're released from liability, only the assignee can be held accountable for missed payments or compensation for damages
  • If you remain liable under the original lease, the landlord can go after both the assignee and you (the assignor) for missed payments or compensation for damages
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Are You Looking for Another Form?

As a tenant, you might find the following forms useful:

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