Assignment of Lease
/əˌsaɪnmənt ʌv liːs/
Definitions
- (n.) The transfer of a tenant's leasehold interest and obligations under a lease to a third party.
The landlord must approve the assignment of lease before the new tenant can take possession.
Forms
- assignments of lease
Related terms
See also
Commentary
An assignment of lease fully transfers the tenant's rights and duties to the assignee, distinguishing it from a sublease which creates a new leasehold interest subordinate to the original.
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