Lease Assignment Agreement

A Lease Assignment Agreement is a legal document that transfers all rights and obligations under an existing lease from the current tenant (assignor) to a new tenant (assignee). Unlike a sublease where the original tenant remains liable, an assignment typically transfers full responsibility to the new tenant, though this depends on the terms and whether the landlord releases the original tenant. The agreement requires landlord consent in most cases and should clearly state what lease terms are being transferred, any modifications to the original lease, and whether the original tenant retains any liability. Assignment agreements are common in commercial real estate when businesses are sold or relocate. The document protects all parties by documenting the transfer and clarifying ongoing responsibilities.