Assignment of Lease Agreement
An assignment is a legal mechanism through which a party transfers his rights or property to another. In an Assignment of Lease Agreement, the tenant of a property assigns his rights under the Lease to an Assignee. The Assignee becomes the new tenant and has the right to lease the premises from the owner of the property.
Parties to this document
Tenant: party occupying the premises
Assignee: wishes to be assigned the Lease and will be responsible for the performance of all Tenant obligations under the Lease
When to use this agreement?
For the assignment of commercial or residential leases.
The Assignee should review the lease as he will become responsible for all of the tenant`s obligations though this Assignment. This includes the payment of rent until the expiration of the lease and specified use permitted in the premises. Before completing this form, please determine:
- Names and addresses of the Landlord and Tenant as well as names of any representatives
- Date of original Lease
- Address of property
- Date from which this Assignment shall be effective
- Whether the Landlord’s consent is necessary for this Assignment. Consent may be necessary if the original Lease contains a clause requiring it. If so, determine the number of days from signature of this Assignment may which such consent should be required.
- Whether the original Lease requires the Tenant to be ‘joint and severally’ or ‘solidarily’ liable for the performance of obligations by the Assignee.
Specifications of this Assignment of Lease Agreement
- Landlord and Tenant can be individuals, registered businesses, corporations or partnerships.
- Attach a copy of the original Lease between the Landlord and the Tenant to Schedule A of this Lease Termination Agreement
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