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