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Lease Assignment Agreement also known as Lease Assignment or Lease Transfer. When tenants want to leave the rental property before the end of their lease agreement due to the new job, change of business or sell their business to the third party that time they use Lease Assignment Agreement. Whatever the reason, tenants can move their rental interest to the new party with the permission of land Lord.
What is a Lease Assignment Agreement?
If a tenant wants to leave his lease before the expiration, he can be allowed to assign his lease, which means transfer the rest of the rights and responsibilities to a new tenant. In this order, the original tenant is called assignor, and the new tenant is known as the assignee. Lease Assignment Agreement can be used for both residential and commercial properties.
Difference between assigning and subletting assigning:
Assigning: Assigning means moving permanently by transferring the lease to the new tenant by assigning Lease Assignment Agreement. The assignment actually takes place in a lease, but you will be responsible for lending or damaging of the property.
Subletting: It is the creation of a separate lease with a Sub Tenant, which allows them to temporarily capture the property using the sublease agreement. No changes made with the original lease, it will be the same.
Is it necessary to sign?
Successful management of property starts with good documentation and good drafting. Implementation of Lease Assignment Agreement will ensure that all parties – understand new and old responsibilities By all means, this Maintains a high quality (and long-term) owner / new tenant relationship.
A tenant that needs to go due to some reason and want to get out of the lease, have the option to sublet or assign their lease to the third party.
Some reasons to assign a residential lease:
- Reduction of living cost
- Improve your accommodation
- Move with a partner
- Moving to another place due to work or study
- Buy a new home
Some reasons to assign a commercial lease:
- Reduction of living cost
- To reduce or control the expenses
- Want to move due to expanding
- Business shut down due to bankcurrpcy
Information should be included in Lease Assignment Agreement:
Your Lease Assignment Agreement should contain below points :
- Type of property: Commercial or Residential
- Approved, assigning and owner
- Earlier lease signature date
- Property address
- Duration of lease
- Responsibilities and liabilities
- Name and information of assignor, assignee and landlord
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