Assignment of Leaset

An Assignment of Lease is a legal document that transfers a tenant’s rights and obligations under a lease agreement to a new tenant. Key aspects include:

1. Identifies original tenant (assignor), new tenant (assignee), and landlord

2. Specifies the property and original lease terms

3. Outlines the effective date of the assignment

4. May require landlord’s consent

5. Typically releases the original tenant from future obligations

6. Can include specific terms or conditions for the assignment

This document is commonly used when a tenant needs to move out before their lease expires. It allows the original tenant to transfer their lease to someone else, potentially avoiding penalties for breaking the lease early. The assignee takes over all rights and responsibilities of the original lease.

It’s important to note that some leases prohibit or restrict assignments, so tenants should review their lease agreement and consult with their landlord before proceeding. Both parties should carefully review the assignment terms to understand their new rights and obligations.