A Lease Assignment Agreement is a short and straightforward document for transferring a residential or commercial lease interest from one tenant to another.
A Lease Assignment Agreement is a short and straightforward document for transferring a residential or commercial lease interest from one tenant to another. To be more specific, this Agreement is used when the original tenant wants to terminate the contract but has found someone to replace him.
The Lease Assignment Agreements contain only basic information: names and the data of the parties, assignment's start date, name of the landlord, and other required information.
The Lease Assignment Agreement is different from a Sublease Agreement because it also assigns all of the lease interest. In the meantime, with a sublease, the tenant is still responsible for everything, and the sublease can be concluded for less than all the interest on the property. The Lease Assignment passes on all the interest and replaces the old tenant with the new one.
One of the most important things to know when making a Lease Assignment Agreements is that leasing usually requires the landlord's consent for the transfer. That's why both parties have to be entirely sure that the landlord agrees on all the terms before making an agreement.
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.
This document is a useful tool to help you smoothly outline all the necessary facts and responsibilities to create a valid lease assignment. This way, one party, called the Assignor, will transfer its rights and obligations as a tenant (including paying rent and living in the property) to another party (called the Assignee).
The document provides only the necessary information needed: the names of new and old tenants, the name of the landlord, the address of the property, and the dates of lease and the assignment.
The document also contains information on whether the Assignor will remain liable if the Assignee fails to fulfill his obligations.
In the US, individual state laws govern Leases Agreements.
The Environmental Protection Agency governs the disclosure of lead-based paint warnings in all rentals in the States. If a lead-based paint disclosure has not been included in the lease, it must be included in the assignment. Distinct from that, however, required disclosures and lease terms will be based on the laws of the state, and sometimes county, where the property is located.