Assigning Lease
In this guide, you'll learn when (and how) to assign a lease.
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Overview
An assignment of lease is used when a Landlord (or Tenant) changes but the lease remains in place. Rather than canceling the lease, the parties are "swapped" but the lease remains.
Landlord vs. Tenant Assignments
Landlord Assignment - Landlords often assign leases when the property sells or otherwise transfers hands. The legal owner should be the Landlord. If ownership changes, the lease should be assigned to the new owner.
Tenant Assignment - Tenants often assign the lease when a new Tenant takes over the apartment. Most assignment keep the original Tenant responsible (even though the lease was assigned).
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FAQs
Can Landlords deny an Assignment? Check your lease. A good lease requires the Landlord's consent.
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This article is for general information purposes only and should not be considered legal advice or legal opinion on any specific case and/or circumstance. This article does not create an attorney/client relationship. No guarantee for accuracy, completeness, or changes in the law. The choice of a lawyer is an important decision and should be based solely on advertisements.