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Assignment of Lease Form

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Updated August 04, 2023

A lease assignment allows a tenant to “assign” and transfer the name of the lease, often the tenant, to someone else. The landlord must approve the tenant and, if accepted, an assignment will be executed by both parties. The assignee will be the new tenant and the original tenant will be released from the lease.

Residential (Example)

When a tenant can no longer make the monthly rent payments and knows someone that can replace them in the apartment. The landlord will be contacted and the new tenant will be screened by their credit score and background. If approved, an assignment will be written and ready for signature.

Commercial (Example)

When a business is purchased and the old owner has no interest in the property. The landlord will be notified that the business is no longer owned by the tenant and will issue a lease assignment to make the new owner personally liable for the lease.

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ASSIGNMENT OF LEASE WITH CONSENT OF LANDLORD

THIS ASSIGNMENT OF LEASE dated this ________ day of ________________, ________

_________________________

(the "Assignor")

OF THE FIRST PART

_______________________

(the "Assignee")

OF THE SECOND PART

• This is an agreement (the "Assignment") to assign a residential lease in real property according to the terms specified below.
• The Assignor wishes to assign and transfer to the Assignee that lease (the "Lease") dated August 20, 2024, and executed by the Assignor as tenant and by _________________________ as landlord (the "Landlord").

IN CONSIDERATION OF the Assignor agreeing to assign and the Assignee agreeing to assume the Lease for the Premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

• The Lease governs the rental of the following described premises (the "Premises") to the Assignor: ______________________________________________
• Assigned Lease
• The Assignor assigns and transfers to the Assignee all of the Assignor's right, title, and interest in and to the Lease and the Premises, subject to all the conditions and terms contained in the Lease.
• Effective Date
• This Assignment takes effect on August 21, 2024 (the "Effective Date"), and continues until the present term of the Lease expires on August 22, 2024.
• Assignor's Interest
• the Assignor is the lawful and sole owner of the interest assigned under this Assignment;
• this interest is free from all encumbrances; and
• the Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Lease.
• Breach of Lease by Assignee
• In the event of a breach by the Assignee, the Landlord will provide the Assignor with written notice of this breach and the Assignor will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary) and retain all rights for the duration of the Lease provided the Assignor will pay all accrued rents and cure any other default.
• Governing Law
• It is the intention of the parties that this Assignment, and all suits and special proceedings under this Assignment, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of California, without regard to the jurisdiction in which any action or special proceeding may be instituted.
• Miscellaneous Provisions
• This Assignment incorporates and is subject to the Lease, a copy of which is attached hereto, and which is hereby referred to and incorporated as if it were set out here at length. The Assignee agrees to assume all of the obligations and responsibilities of the Assignor under the Lease.
• This Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal representatives, beneficiaries, executors, administrators, and heirs, as the case may be.
• All rents and other charges accrued under the Lease prior to the Effective Date will be fully paid by the Assignor, and by the Assignee after the Effective Date. The Assignee will also be responsible for assuming and performing all other duties and obligations required under the terms and conditions of the Lease after the Effective Date.
• There will be no further assignment of the Lease without the prior written consent of the Landlord.

IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.

CONSENT OF LANDLORD

The Landlord in the above Assignment of Lease executed on the ________ day of ________________, ________, consents to that Assignment. The Landlord also agrees to the Assignee assuming after August 21, 2024, the payment of rent and performance of all duties and obligations as provided in the Lease.

Last Updated October 16, 2023

Lease Assignment Information

Alternate names:.

A Lease Assignment is also called a/an:

• Assignment Agreement
• Lease Assignment Form
• Lease Transfer

A Lease Assignment can also be called a Commercial Lease Assignment or a Residential Lease Assignment depending on the type of property it is being used for. LawDepot's Lease Assignment can be used for residential or commercial properties.

What is a Lease Assignment?

A Lease Assignment transfers the rights and obligations of an existing lease from one tenant to another.

Who are the parties in a Lease Assignment?

Generally, there are two parties involved in a Lease Assignment:

• The Assignor: this is the tenant(s) listed on the property's current lease (the master lease) who, using the Lease Assignment Form, is transferring their rights and obligations from themselves to another tenant
• The Assignee: this is the tenant who is taking over the original tenant's (the assignor's) rights and obligations

Typically, a landlord does not sign the Lease Assignment itself, but their information may be included in the document and they may need to sign a consent allowing the assignor to assign the lease.

Why do I need a Lease Assignment?

A Lease Assignment is typically used when a tenant wishes to vacate a property before their lease expires . There are many reasons why tenants would need to use a Lease Assignment, for example:

• If a tenant was renting residential property, they may wish to transfer their lease because they need to relocate for work or personal reasons, reduce living costs, increase their living space, or purchase a home.
• If a tenant was renting commercial property, they may want to assign their lease because of company relocation, expansion, downsizing, or seasonal closure.

What is included in a Lease Assignment?

Typically, a Lease Assignment will contain information regarding:

• The type of lease (residential or commercial)
• The property's location
• Details about the assignor, assignee, and landlord
• The original lease term (start and end dates)
• The start date of the lease transfer
• Details about the assignor's continuing liability (i.e. whether the assignor will continue to be liable to the landlord after the lease is assigned to the assignee)
• Lead paint disclosure for residential rentals, if required

A Lease Assignment should also include a copy of the master lease (the original lease for the property, signed by the landlord and assignor) or a copy should be provided to the assignee for the assignee's records.

Is a landlord's consent required for a Lease Assignment?

You should have the consent of your landlord when you assign a lease.

The master lease may state whether a tenant is permitted to assign their lease and if consent is needed. However, if it does not, it is a good idea to speak with your landlord and create a Landlord's Consent to Lease Assignment before transfering the lease to a new tenant.

Who is liable in an assigned lease?

Your Rental Agreement may contain a clause about assignment and continuing liability. If it does not, the landlord usually decides whether the assignor will be responsible for damages or other breaches of the lease caused by the assignee (or the assignee's guests, clients, or customers).

The Lease Assignment should note whether the assignor is liable for the assignee's conduct (for instance, paying for property damages, missed rent payments, fines from not complying to noise ordinances, etc.). If the assignor has been released from liability, the landlord can only seek compensation for property damage or other lease breaches from the assignee.

In contrast, if the assignor remains liable under the original lease, then the landlord can seek recourse from both the assignee and assignor.

If the assignee is liable but the landlord tries to collect payment from the assignor, the Assignment Agreement will help protect the assignor by stipulating that the assignor can seek recourse from the assignee.

What is the difference between assigning and subletting a lease?

Both assignment and subletting involve finding a new tenant, but there are some key differences.

An assignment is when the tenant transfers their lease interest to a new tenant using a Lease Assignment. The assignee takes the assignor's place in the landlord-tenant relationship, although the assignor may remain liable for damages, missed rent payments, and other lease violations.

A sublease is when the tenant temporarily hands over the rights and obligations of a lease to a third party by using a Sublease Agreement. Although the landlord typically isn't a party to the agreement, they can still hold the tenant responsible for the terms of the original lease.

Before deciding to assign or sublet your rental property, it's important to review your Lease Agreement (the master lease) for any rules and discuss your options with your landlord.

Related Documents:

• Landlord's Consent to Lease Assignment : this consent is used when tenants need to obtain written approval from their landlord before they assign their lease to a new tenant
• Commercial Sublease Agreement : this agreement is used by commercial property tenants and allows them to rent out all or a portion of their rented property to another tenant
• Residential Sublease Agreement : this agreement allows a residential tenant to rent all or a portion of a leased property to another tenant
• Landlord's Consent to Sublease : this consent is used when tenants need to obtain written approval from their landlord before creating a Sublease Agreement

Frequently Asked Questions:

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A lease assignment agreement is a legally binding contract outlining the terms and conditions of transferring a lease from one party to another in one place. This means the assignee becomes the new tenant and assumes all the rights, obligations, and liabilities under the original lease. Lease assignments are commonly used in real estate transactions when a tenant wants to transfer their lease to another party before the lease term expires. We will discuss the lease assignment agreements' purpose, key elements, and other relevant aspects.

Key Elements of a Lease Assignment Agreement

A lease assignment agreement includes several key elements outlining the terms and conditions of the lease transfer. These elements may vary depending on local laws and specific circumstances but generally include the following:

• Parties: The lease assignment agreement should clearly identify the parties involved, including the original tenant (assignor), the new tenant (assignee), and the landlord.
• Property: The agreement should specify the property subject to the lease assignment, including the address, unit number, and relevant details.
• Terms: The agreement should state the lease assignment's effective date, the original lease's remaining term, and any renewal or termination provisions.
• Rights and Obligations: The agreement should outline the rights and obligations of the assignor, assignee, and landlord, including rent payments, maintenance responsibilities, and any other lease terms that will carry over to the assignee.
• Consent: In most cases, the lease assignment agreement requires the landlord's written consent. The agreement should specify the conditions and process for obtaining landlord consent.
• Indemnification: The agreement may include provisions for indemnifying the landlord against any losses or damages resulting from the lease assignment.
• Governing Law : The agreement should specify the governing law and jurisdiction applicable to any disputes or legal matters related to the lease assignment.

Legal Implications of Lease Assignment Agreements

Lease assignments have legal implications for all parties involved. It is important to understand the potential legal risks and obligations associated with lease assignments. For tenants, it may be necessary to review the original lease agreement and seek legal advice to ensure compliance with the terms and conditions of the lease assignment. Landlords should carefully review and approve lease assignments to protect their rights and interests. In some jurisdictions, landlords may have the right to reject a proposed lease assignment for valid reasons.

Nicholas M.

Practical Tips for Managing Lease Assignment Agreements

Lease assignments can be complex, and it is important for tenants and landlords to approach them with caution. Here are some tips for navigating lease assignments:

For Tenants

• Review the Original Lease Agreement: Understand the terms and conditions of the original lease before entering into a lease assignment agreement.
• Seek Legal Advice: Consider consulting with a real estate attorney to ensure compliance with local laws and protect your rights and interests.
• Obtain Written Consent from the Landlord: Follow the process outlined in the lease assignment agreement to obtain written consent from the landlord before proceeding with the assignment.
• Communicate with all Parties Involved: Keep open communication with the assignee, assignor, and landlord throughout the process to avoid misunderstandings or disputes.
• Fulfill Obligations under the Original Lease: Even after the lease assignment, the assignor may still be responsible for fulfilling their obligations under the original lease until the effective date of the assignment.

For Landlords

• Review the Lease Assignment Carefully: Carefully review the proposed lease assignment agreement, including the terms and conditions, rights and obligations of the assignor and assignee, and any indemnification provisions.
• Require Written Consent: Insist on obtaining written consent from the assignor and assignee before allowing the lease assignment to proceed, as this protects your rights and interests as a landlord.
• Verify Financials and Credentials of Assignee: Conduct thorough due diligence on the proposed assignee's financials and credentials to ensure they can fulfill the lease obligations.
• Update Lease Documentation: Once the lease assignment is approved, update the lease documentation to reflect the new tenant (assignee) and provide copies to all parties involved.
• Communicate with all Parties Involved: Maintain open communication with the assignor, assignee, and any property management or legal professionals involved in the lease assignment process to ensure a smooth transition.

Potential Risks and Considerations

There are potential risks and considerations that tenants and landlords should be aware of when it comes to lease assignments. These may include:

• Non-Compliance with the Original Lease: If the assignee fails to comply with the terms and conditions of the original lease, the assignor may still be held liable for any breaches.
• Landlord's Right to Reject: In some jurisdictions, landlords may have the right to reject a proposed lease assignment for valid reasons, such as the assignee's inability to meet financial obligations or lack of appropriate credentials.
• Indemnification Provisions: The lease assignment agreement may include indemnification provisions that hold the assignor and assignee responsible for any losses or damages resulting from the lease assignment.
• Legal Disputes: Disputes may arise during the lease assignment process, such as disagreements over the terms and conditions, consent requirements, or other related matters.
• Local Laws and Regulations: Lease assignments are subject to local laws and regulations, which may vary by jurisdiction. It is important to ensure compliance with applicable laws and seek legal advice.

Key Terms for Legal Assignment Agreements

• Consideration: Refers to the value or benefit each party receives in exchange for entering into the assignment agreement.
• Assignment: The transfer of rights or obligations from one party (assignor) to another (assignee) as agreed upon in the assignment agreement.
• Consent: The requirement for obtaining permission or agreement from relevant parties, such as the original contracting parties, for the assignment to occur.
• Indemnity : The legal protection provided by the assignor to the assignee against any potential losses, liabilities, or claims arising from the assignment.
• Governing Law: The jurisdiction or legal system that governs the interpretation, validity, and enforcement of the assignment agreement, which is typically specified in the agreement itself.

Final Thoughts on Legal Assignment Agreements

A lease assignment agreement is a legally binding contract allowing tenants to transfer their lease rights and responsibilities to another party. It is important for both tenants and landlords to carefully review and understand the terms and conditions of a lease assignment, seek legal advice if needed, and maintain open communication throughout the process. By following the appropriate steps and considering potential risks and considerations, lease assignments can be a useful tool for tenants and landlords to manage their lease agreements effectively.

However, you need the help of a professional lawyer to ensure you do not end up messing up a lease assignment agreement. So, ensure you approach an experienced attorney who is well-versed in the field.

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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Lease Assignment Agreement

Create and print your free lease assignment agreement in under 5 minutes, free lease assignment agreement, 7-day trial subscription, what is the type of lease.

What Is a Lease Assignment Agreement?

A Lease Assignment Agreement, also known as a lease transfer or an assignment of lease, can be used for both residential and commercial leases.

A Lease Assignment Agreement:

• Allows the original tenant (the assignor) to transfer their remaining lease obligations to a new tenant (the assignee)
• Specifies the conditions of the assignment, such as obtaining the landlord's consent
• Notes whether the assignor is liable for breaches made to the lease by the assignee

What's the Difference Between Subletting and Assigning a Lease?

Tenants who need to get out of a lease early may have the option to sublet or assign their lease:.

• Assigning your lease means to permanently transfer the lease to a new tenant. The assignee effectively takes your place in the lease, although you may remain liable for any debts or damages to the property
• Subletting involves creating a separate rental contract with a subtenant, which allows them to temporarily occupy the property. The original lease remains in place, so you are still accountable to the landlord

Why Do I Need a Lease Assignment?

There are a number of reasons that you may need to leave before your lease ends.

Reasons to assign a residential lease include:

• Relocating for work or studies
• Downsizing to reduce living costs
• Upgrading your living space
• Moving in with a partner
• Purchasing a home

Reasons to assign a commercial lease include:

• Downsizing to reduce operating costs
• Expanding to a larger commercial space
• Shutting down a seasonal operation

What Information Is Needed in a Lease Assignment?

Your lease assignment agreement should include the following information:.

• Type of lease: commercial or residential
• Assignor, assignee, and landlord information
• Original lease signing date
• Address of the property
• Length of the assignment
• Assignor liability

Am I Still Liable if I Assign My Lease?

The landlord typically decides whether the assignor is liable for breaches to the lease terms..

• If you're released from liability, only the assignee can be held accountable for missed payments or compensation for damages
• If you remain liable under the original lease, the landlord can go after both the assignee and you (the assignor) for missed payments or compensation for damages

Are You Looking for Another Form?

As a tenant, you might find the following forms useful:.

• Get permission to assign your lease with our Landlord's Consent to Lease Assignment form.
• To sublet commercial property, use our Commercial Sublease Agreement .
• To sublet residential property, use our Residential Sublease Agreement .
• Create a Lease Notice to give your landlord notice to repair or end your lease.

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Lease Assignment Agreement

Choose the state where the property is located.

LEASE ASSIGNMENT AGREEMENT

State of Alabama

This Lease Assignment Agreement (hereinafter "Assignment") is entered into and made effective as of ________ by and between the current lessor, hereinafter referred to "Assignor": ________ and the following new lessor, hereinafter referred to "Assignee": ________ .

Assignor and Assignee may be collectively referred to as the "Parties."

WHEREAS, Assignor is the current lessor of a residential property ("Property") located at the following address:

WHEREAS, Assignor wishes to assign and transfer to Assignee the lease agreement ("Lease") that Assignor originally signed on ________ together with the landlord ("Landlord") of the Property: ________ ;

WHEREAS, the Landlord of the Property has agreed to this Assignment;

WHEREAS, Assignee wishes to accept the assignment of the Lease.

NOW, therefore, in consideration of the obligations and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties do contract and agree as follows:

Article 1 - ASSIGNMENT:

Under the terms and conditions herein, Assignor hereby assigns and transfers to Assignee all right, title, and interest in and to the Lease and the Property.

As denoted above in this Assignment, this Assignment is to become effective on ________ and last until the end of the Lease term on ________ .

Article 2 - ASSIGNOR'S COVENANTS:

Assignor hereby warrants and covenants that Assignor may lawfully assign the Lease interest hereunder and that there are no further encumbrances on the interest. Assignor further warrants and covenants that Assignor is up-to-date with all payments, charges, fees, duties, and/or obligations under the Lease.

Article 3 - 85552855'5 828552585:

88882222 525282 525228 22 252 588 5222 525 22525 2228 552 52225 252 222282882 5522 22 2588 8888222222. 88882222 2552525 525228 22 588522 525 2252252 588 22525 552828 525/25 28882528228 58 252 82 52858525 52525 252 22582.

Article 4 - LEASE COPY & INCORPORATION:

A copy of the original Lease is attached to this Assignment. This Assignment incorporates and is subject to the original Lease. There shall not be any further assignment of the Lease without the Landlord's advance written consent.

Article 5 - BREACH:

Assignor hereby agrees that this Assignment does not discharge Assignor of any obligations under the Lease in the event of a breach by Assignee. In such circumstance, Assignor will be provided notice of the breach by Landlord and thereafter may commence any and all actions to recover possession of the Property for the duration of the Lease, as long as Assignor thereafter continues to pay rent and cure any breach by Assignee.

Article 6 - GENERAL PROVISIONS:

a) BINDING: This Assignment will inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and/or administrators of both Parties.

b) SEVERABILITY: If any part of sub-part of this Assignment is deemed invalid by court order, judgment or other operation of law, the remaining parts and sub-parts of this agreement shall remain valid and enforceable to the fullest extent.

c) GOVERNING LAW: This Lease is governed, construed, and interpreted by and through the laws of the State of Alabama .

Sign: ________________________________

Date: ________________________________

Print: ________________________________

LANDLORD CONSENT

I, ________ , the Landlord named in the above Assignment to be effective on ________ , hereby consent to that Assignment. I further agree that after ________ the Assignee in the above Assignment will be responsible for all rent and other obligations under the Lease. I hereby release the Assignor from all duties and obligations under the Lease, unless Assignee breaches, in which case Assignor must take repossession and pay all charges and accrued rent until the end of the Lease term.

I accept Assignee as Lessee in place of Assignor.

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Lease Assignment Agreement Template

Used 4,908 times

This Lease Assignment Agreement was created to cement the relationship between an existing tenant and a new tenant. Now is the time to get your free copy.

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Prepared by:

Assignee Name: [Assignee.FirstName] [Assignee.LastName] ​

Company: [Assignee.Company] ​

Phone: [Assignee.Phone] ​

Email: [Assignee.Email] ​

Address: [Assignee.StreetAddress] [Assignee.City] , [Assignee.State] [Assignee.PostalCode] ​

Prepared for:

Assignor Name: [Assignor.FirstName] [Assignor.LastName] ​

Phone: [Assignor.Phone] ​

Email: [Assignor.Email] ​

Address: [Assignor.StreetAddress] [Assignor.City] , [Assignor.State] [Assignor.PostalCode] ​

This Lease Assignment Agreement (hereinafter referred to as the "Agreement") made and entered into this [Document.CreatedDate] by and between:

Name: [Assignor.FirstName] [Assignor.LastName] [Assignor.Company] (hereinafter referred to as " Assignor "), and

Name: [Assignee.FirstName] [Assignee.LastName] [Assignee.Company] (hereinafter referred to as " Assignee ")

Assignor and Assignee are hereinafter referred to as “ Parties ” collectively in this Agreement.

Details of the Lease

1. property address:.

The leased property is located at the following address: [Property.Country] [Property.State] [Property.StreetAddress] ​ [Property.City] [Property.Phone] .

2. Landlord:

The landlord of the Property is [Landlord.FirstName] [Landlord.LastName] [Landlord.Company] ​

The tenant of the Property is [Assignor.FirstName] [Assignor.LastName] [Assignor.Company] ​

The term of the lease is from (insert the date on which the lease was effective) to (insert the date when the lease ends as per the contract).

5. Purpose:

The Property is leased for the following purpose: (insert the purpose of leasing, for example, office space, business premises, residential property)

6. Rental amount:

The monthly rental amount is (insert rental amount in words) , and payable on the (insert the day, example, 7th, 15th) day of each month.

Affirmations

Assignor affirms that they have:.

Leased the Property described above from the landlord who is currently in valid possession of the Property;

Legal right and authority to sublease the Property and to enter into this Agreement;

Read and agree to the terms and conditions of this Agreement;

Not received any notice from the landlord or any other person or authority that the Assignor’s leasehold interest in the Property is in jeopardy; and

Is not in default of any of the terms and conditions of the Lease.

No improvements were made in the Property by the Assignor without prior authorization from the Landlord.

Assignee affirms that they have:

Read, understood, and agree to the terms and conditions of this Agreement;

Have the financial capacity to make all payments that may become due under the terms of the Lease; and

Understood that the acceptance of this Agreement does not and will not violate any agreement between the Assignee and any other person or entity.

1. Execution of Lease by Assignee:

This Agreement is not effective or binding until the Assignee has executed the Lease.

2. Notice to the landlord:

The Parties agree to give written notice of this Agreement to the landlord within (insert number of days, example: 3 days) days after the execution of this Agreement by the Parties.

3. Waiver of rights:

Assignor waives any rights they may have, including the right of redemption, re-entry, and demand for possession, against the Assignee if the Assignee does not make timely payments as per the Lease.

Rent and security deposit

Security deposit of the Property is currently (insert amount in numbers) and shall be paid as per the current lease agreement.

Rent of the Property is currently (insert amount in numbers) and shall be paid as per the current lease agreement.

Rent through the Agreement

Exactly (insert number, example: 3 days, 7 days) days after the date of this Agreement, the Assignor must pay to the Assignee any rent that may become due under the Lease up to the date on which the Assignee takes possession of the Property, which must be evidenced by a receipt or other written acknowledgment issued by the Landlord.

Termination and Non-Transferability

This Agreement may not be terminated except by mutual agreement of the Parties. Subsequently, the Assignee may not sublease, hypothecate, lend, sell, sublet, borrow on, pledge, or mortgage the Property.

Indemnification

The Assignee agrees to indemnify and hold the Assignor harmless from and against any claims, costs, losses, damages, liabilities, and expenses (including reasonable attorneys' fees and costs) arising out of or in connection with any claims or suits based on allegations that arise.

Governing Laws

This Agreement shall be governed by and construed under the State of (state) laws.

Agreed and Accepted

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

​ [Assignee.FirstName] [Assignee.LastName] ​

​ [Assignor.FirstName] [Assignor.LastName] ​

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Assignment of Lease Agreement Template

A lease assignment agreement is a legal document that can help you transfer property rights from yourself to a new tenant when you are under a lease. For example, you may transfer the lease to another person when leasing property. You can do this using an assignment of a lease agreement.

However, you must ensure that it is a document you can enforce in a court of law. When coming up with it, there are many considerations. Find a reliable lease assignment agreement template on Lawrina to create a legally binding and enforceable agreement.

What Is a Lease Assignment Agreement?

A lease assignment agreement is a contract you can enter into to transfer your lease obligations and rights to another person. You can do this to avoid continuing lease obligations. The transfer of these rights is what legal experts call assignment. It is common when a tenant intends to relocate or faces financial difficulties.

A lease assignment agreement helps formalize this process. 

Parties of the Lease Assignment Agreement

Three parties play a crucial role in the lease assignment agreement. They are:

• Assignor: The original tenant transfers their rights to a new tenant. For example, if you are leasing and transferring your rights to a new tenant, you are the assignor.
• Assignee: The term denotes the new person receiving the rights from the old tenant. In the example above, the person you transfer the rights to is the assignee.
• Landlord: The landlord is the property owner (can also be a company). In some instances, you may require the owner's consent before you transfer your rights as a tenant.

The article has already detailed two essential terms in a legal assignment agreement (assignor and assignment). Other terms vital for this agreement are:

• Effective Date: The date on which the lease assignment becomes legally effective.
• Assignee’s Acceptance: The confirmation that the assignee agrees to abide by all the rights and responsibilities of the lease.
• Release of Assignor: A clause outlining whether the assignor will be released from all lease obligations after the assignment. This is subject to the assignee’s compliance with the lease terms.
• Jurisdiction: The jurisdiction whose laws govern the interpretation and enforcement of the lease assignment agreement.
• Continuation of Lease Terms: It stipulates that all other terms and agreements, not explicitly altered by the assignment agreement, remain in effect.

What Is Included In a Lease Assignment Agreement?

In a typical lease assignment agreement, you will find the following:

Parties: The contract should identify the assignor, the assignee, and the landlord. It should include their names and other key indicators such as social security numbers.

Property Details: It should specify the property’s address and describe the leased premises.

Original Lease Terms: The agreement should detail specifics about the original lease, including the lease start and end dates, security deposit, rent amount, and other specific lease provisions. The contract should be unambiguous.

• Assignment Terms: This section details the terms and conditions of the lease assignment. These details can include the effective date of the assignment and landlord requirements, if there are any.
• Consent of the Landlord: In the agreement, you must stipulate whether the landlord has consented. Do this to avoid trouble down the road.
• Indemnification: The agreement may include a section whereby the old tenant (assignor) agrees to indemnify the landlord if the new tenant fails to meet the lease obligations. A landlord may insist on this because it is a safety net for them.
• Signature: It is necessary for all parties involved to sign and date the document.

Types Of Lease Assignments

The lease assignments differ depending on the unique circumstances leading to the assignment of the lease agreement. The most typical types of lease assignment agreements include the following:

Full Lease Assignment: There is a complete transfer of rights and responsibilities under the original lease to the assignee from the assignor.

Partial Lease Assignment: The transfer of specific lease rights or a portion of the leased premises to the assignee. Therefore, the original tenant still retains control over the property.

Temporary Assignment: The original tenant transfers their rights for a specific period. In such a case, the assignor intends to reoccupy the premises when the period ends.

Automatic Assignment: This happens when a lease agreement, including provisions, assigns the lease to a specific party under certain circumstances.

Advantages of Lease Assignment Agreements

A lease assignment agreement is an essential agreement, and it offers various advantages such as:

• Maintaining Control: Allows tenants to be in control of where they rent. You don’t need to be tied down by lease obligations when you can assign such obligations to another new tenant through a lease assignment agreement. An example is when you want to relocate to another city or change where you live; you can use this agreement to transfer responsibilities and rights and move to your desired location.
• Financial Relief: Sometimes, you can be strained financially and unable to fulfill your lease financial obligations. The lease assignment agreement can offer you financial relief by helping you assign those lease obligations to a new tenant.
• Streamlined Process: A lease assignment agreement involves less paperwork. It is a very straightforward process. Also, it is easy to draft, as you can see from the lease assignment agreement template. 

How to Create a Lease Assignment Agreement

Creating a lease assignment agreement requires attention to detail and clarity. Here are the steps you can follow when drafting one:

1. Begin With Some Clarity Over the Assigned Date

Specify the effective date of the assignment. This date marks when the assignee assumes responsibility for the lease.

2. Come to Terms With the Master Lease’s Basic Terms

The lease assignment agreement should clearly outline the terms and conditions of the original lease, including rent amount, security deposit, and any specific provisions. Including these terms in the lease agreement assignment ensures clarity of the new tenant's responsibilities. It helps avoid confusion or conflict between the landlord and the new tenant.

3. Clarify Any Covenants Regarding the Master Lease

Highlight any obligations, restrictions, or covenants from the original lease the assignee must uphold. One example of a covenant is that the lease requires you to keep the garden in good shape. Remember to inform new tenants of these covenants, if they exist.

4. State The Default And Nonpayment Recourse

Detail the consequences of lease violations, including defaults and nonpayment of rent, to protect both parties' interests. Some agreements may include alternative dispute settlement clauses. The new tenant should be aware of what to expect.

5. Proofread the Document

Ensure the lease assignment agreement is error-free and inconsistencies-free to prevent future disputes. It is advisable to seek a second set of eyes to help proofread the document because sometimes you may need help spot the errors. It would help if you got a lawyer as they can inform you of whether the document complies with relevant laws and regulations.

6. Gain the Consent of the Stakeholders

If the original lease requires the landlord’s consent for assignment, obtain it in writing before proceeding. The landlord's consent is vital in such instances. If it lacks, the legal assignment agreement may be considered invalid and not recognized by the law.

When to Use a Lease Assignment Agreement

A lease assignment agreement is typically used in the following scenarios:

Common Use Cases

• When a tenant wishes to transfer their lease to another party permanently, a tenant may enter into a lease assignment agreement when relocating permanently. Doing this helps the tenants alleviate the burden of paying for a space they are not using.
• When the tenant needs to exit the lease before its expiration.
• In business settings, when a company wants to assign a lease to another entity due to mergers or relocations.

When Not to Use a Lease Assignment Agreement

Avoid using a lease assignment agreement when:

• The lease explicitly prohibits assignment.
• The landlord does not consent to the assignment (if required).
• The tenant wants to retain control over the leased space.

Frequently Asked Questions

To use an assignment for a lease agreement, follow these steps:

• Create a lease assignment agreement detailing the transfer of lease rights and obligations.
• Obtain any required landlord consent.
• Ensure both parties understand and agree to the terms.
• Sign and date the lease assignment agreement.

In many cases, yes. Lease agreements often require the landlord's written consent for a lease assignment to be valid. Check the original lease terms and local laws for specific requirements.

The assignee (new tenant) becomes primarily liable for fulfilling lease obligations in an assigned lease. However, depending on the lease assignment agreement, the assignor (original tenant) may still have some residual liability.

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A Full Guide to Commercial Lease Assignment (Lease Transfer)

Dealing with a fixed-term lease agreement and looking to move offices or downsize? The topic of commercial lease transfer can be confusing to navigate, particularly when you are unsure of your rights and obligations under the lease.

If you’re renting a commercial property, you signed a contract at the beginning of your tenancy called a lease agreement , which contains all the details of your rights and obligations while occupying and conducting business operations at the commercial property. Your agent is required by law to give you a copy of the lease agreement if you don’t already have one.

The following article will serve as a full guide to commercial lease assignment, providing business owners with an overview of the legal considerations and elements required for an assignment of lease.

• 1 What is a Commercial Lease Assignment?
• 2 Current Market Conditions Boosting Lease Transfers and Flexible Arrangements
• 3 What is the Difference Between Commercial Lease Assignment and Subleasing?
• 4 Why Would You Want to Transfer a Lease?
• 5 How to Go About Transferring Your Commercial Lease
• 6.1 Goals and obligations of the original lessee and new tenant
• 6.2 Starting date of lease assignment
• 6.3 Pitfalls and consequences
• 7.0.1 Further Insights

What is a Commercial Lease Assignment?

Also known as a lease transfer, a commercial lease assignment involves a tenant transferring all of their interests and rights in a lease to a new party. This new tenant will take on the responsibilities of the existing lease, including rent and any other obligations, leaving the original tenant free to exit the agreement.

Commercial lease assignment often occurs when tenants want to leave their commercial property prior to the end of a fixed-term agreement. This often happens when a business quickly needs to upsize or downsize their space, move to a new city, or go out of business.

State law dictates whether tenants require their landlord’s consent prior to transferring a lease or subletting a part of their space. However, most lease agreements will clearly outline full transfer provisions prior to being signed and, whilst it is possible for lease assignment to be forbidden, the vast majority of agreements allow for transfers.

Current Market Conditions Boosting Lease Transfers and Flexible Arrangements

There has been a marked increase in the number of lease transfers and sublets of commercial properties in recent years, largely as a result of increased instances of remote work and downsizing seen across multiple industries. This reduced need for workspace has persisted, as many workers have continued to show a preference for remote and hybrid work arrangements if and when suitable.

Changing employee priorities have forced many businesses to reconsider their existing lease agreements, resulting in an increase in both commercial lease assignments and sublease agreements .

Landlords have adapted their offerings in the face of this changed market demand. Many are now offering flexible, month-to-month leases, allowing tenants to rest easy knowing that they won’t be stuck in a long-term lease agreement if their situation changes.

However, in the case of premium office spaces in highly sought-after locations or warehousing facilities close to major transport links, traditional leases are still very much the norm. In these cases, landlords may have realized that fully reconfiguring their offerings for flexible-usage is financially unrealistic. This may be due to a number of factors, including high-levels of existing demand for traditional leases, the saturation of the flexible workspace market, and the requirements of their typical target tenants.

So, if you’re leasing long-term commercial property and need out of the agreement, or at least to downsize, a lease transfer is a great solution that can leave all contracted parties satisfied. 

What is the Difference Between Commercial Lease Assignment and Subleasing?

A commercial sublease, which is a type of lease transfer, occurs when a tenant who currently leases property agrees to let another tenant use the space concurrently. The agreement involves all three parties: the original tenant, the new tenant, and the property owner.

When you sublease your space, you become the sub-lessor (or sub-landlord), and your new tenant is now the sublessee (or subtenant). Your agreement with them will normally allow them to reside in your space – or a specified portion of it – for either the remaining term of your lease or some other pre-determined length of time. 

It’s important to keep in mind that, as the original lessee, you’re still liable and responsible for making monthly lease payments on a sublet agreement. Therefore, you must collect rent from your subtenant each month while continuing to make rental payments directly to your landlord.

Why Would You Want to Transfer a Lease?

Lease transfers can be done to adjust the leased property size and monthly rent. A business owner may decide that they need to upsize or downsize their leased premises prior to the end of their original lease term.

Also, a lease transfer may be sought because the current tenant wants to vacate the rental property entirely, with no plans to lease elsewhere. This may be due to outside factors (e.g. a global pandemic) or the forced closure of a business.

A lease transfer, or a sublease arrangement, may also be desired so that two businesses with complementary strengths can share a workspace and mutually benefit from their operational proximity. No matter how complementary the proposed new tenant is to the existing tenant, this new business relationship will require the landlord’s permission (unless they have been given prior written consent providing them with sole discretion over subletting)

How to Go About Transferring Your Commercial Lease

The only necessary requirement for lease transfer is to identify a new lessee. In the vast majority of cases, your landlord cannot deny your request for a lease transfer unreasonably , yet it’s still in your best interest to find a new tenant with an established rental history and who can financially afford the rent on time. The only situation in which a commercial landlord can instantly deny a lease transfer request is if this provision was established in the initial lease agreement, however, this type of provision will often scare off prospective tenants.

If you’re looking to transfer your lease, most agents will request that the new tenant apply as if they were renting any other property as a primary lessee. Be sure that, in addition to their application , the prospective tenant provides documentation like company financials and past rental receipts to support your transfer request. This way, there’s no doubt of their ability to be a reliable tenant. 

If you wish to transfer your lease, you must have written consent from your landlord – mere verbal agreement will not suffice. Without your landlords’ express permission in writing, any attempted transfer of lease will be considered null and void. You will then need to fill out a lease assignment agreement, outlining the proposed assignee, current tenant, landlord, and existing lease term.

Important Things to Keep in Mind

To avoid any unnecessary stress or surprises, it helps to understand your rights and responsibilities before beginning the commercial lease transfer process.

Goals and obligations of the original lessee and new tenant

When considering a lease transfer, it is crucial to first identify the goal you hope to achieve through this deal. Most commercial leases have restrictions on transferring the lease, so before beginning any negotiations, all rights and obligations of the involved parties must be closely analyzed. If everyone’s interests are clear from the start, then agreement upon terms should run much more smoothly.

Starting date of lease assignment

In most cases , tenants need to pay their rent a month before move-in date. Confirm that the party being assigned the lease understands when they are responsible for making their first rent payment, so there are no delayed payments. This is also important for sublease agreements, because existing tenants are often liable for any missed rental payments made by the sublessee.

Pitfalls and consequences

Depending on the terms of the lease transfer and the legal documentation, the original lessee may find themselves responsible for any actions or defaults of the new leaseholder. 

As commercial leases often last several years, this could result in a heavy financial burden and significant legal consequences. Careful negotiation at the outset will always lead to a more positive outcome, so it’s important to tick all appropriate procedural and legal boxes when pursuing a commercial lease assignment.

Wrapping up

Before you begin subletting or transferring/assigning a lease, be sure that you understand the objectives of both parties and identify the correct method of altering the lease. Both lessors and lessees should also review all clauses in the lease and negotiate based on everyone’s incentives and interests. If there is any confusion about preparing or reviewing documents related to this process, it’s important to consult with legal advisors for the sake of all parties concerned.

Further Insights

Looking for more articles about the US office market and general office matters? You can find a number of recent posts below! Alternatively, if you’re a business or freelancer looking for flexible workspace in the US, we can help to connect you to a wide range of serviced offices and coworking spaces in highly sought-after locations such as New York City , Los Angeles , Houston , Atlanta , Miami , Chicago , and Dallas . You can also call us to have a discussion about your requirements on 972-913-2742 .

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Tags: 2022 , commercial lease assignment , commercial property , guides , landlords , lease transfer , Office Space , subleasing , tenants This entry was posted on Tuesday, November 8th, 2022 at 8:46 am and is filed under 2022 , Business Advice , Leases , Office Talk .

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Can I Transfer My Lease to a New Tenant?

Under a typical lease assignment, you transfer all of your space to someone else for the remaining term of the lease, and the new tenant pays the rent..

I need to break my lease : I have 10 months left on my 13-month lease and I want to move to another town. I don't want to sublease to anyone because then I would have to worry about whether they will make the rent—if they don't, I think I'd be still be responsible for making the payments. Isn't there some arrangement where I can pass all financial responsibility to a new tenant and be free of the lease?

Under a typical lease assignment, you transfer all of your space to someone else for the entire remaining term of the lease, and the new tenant pays rent directly to the landlord . If the new tenant fails to pay rent or damages the rental, your landlord could look to you for compensation. So, although you might be able to assign your lease, you'd still be on the hook for any unpaid rent—unless you get your landlord to expressly relieve you of that responsibility.

Have a conversation with your landlord about allowing you to assign your lease to a new tenant. Your landlord is more likely to allow this arrangement if you have a highly qualified, financially-secure replacement tenant already in mind. Once your landlord has agreed to allow a full assignment, you'll need to secure what the law so often requires: a piece of paper. The one you're after is a Consent to Assignment of Lease .

This Consent need not contain any pseudo-legalese. It can be as informal as a note, but, at a minimum, it should identify the landlord, the current tenant (you) and the assignee. It should also include the address of the leased premises, the term of the lease you wish to assign, and a statement that your responsibilities to pay future rent and damages end, and that you give up your right to occupy the place. All parties to the agreement—the landlord, the assignee, and you—must sign the Consent.

All this would happen in an ideal world. But don't be surprised if your real life landlord refuses to put his or her name on the dotted line. Why? Your landlord likely doesn't want to lose you as a guarantor of rent for the next 10 months.

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What's the Difference Between Subleasing and Assigning a Lease?

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Assignment of Lease

When a tenant decides to assign a lease, he is essentially giving up all his rights and responsibilities to the rental agreement and the unit to a third-party assignee. As a result, the original tenant (the "assignor") will have to vacate the unit and allow the new tenant to take over all of the leased premises. 

However, please note that under the terms of most lease agreements, the original tenant will remain responsible for the terms of the lease. This is important if the new tenant defaults on the lease agreement or causes damage to the property. (Do keep in mind that, sometimes, a landlord may in fact release the original tenant from liability under an assignment of lease). If you're considering a lease assigment, it can be a smart idea to pursue permanent assignment so you won't be on the hook for expenses or damages. 

When a tenant gives another person the right to occupy a portion or the entire rental unit for a specific period of time, he is, in effect, subletting his rental unit. Under the Residential Tenancies Act, generally, all tenants have the right to sublet their rental unit, subject to the consent of the landlord. Although the law provides that the landlord cannot be unreasonable or arbitrary in withholding consent to a sublease, you still need to get your landlord's written consent to sublease the property before letting somebody else in.

Subletting a rental unit can be a more involved process when compared to assigning a lease since it requires the completion of a sublease agreement between the original tenant (the "sublessor") and the secondary tenant (the "sublessee"). The original tenant retains all his rights and responsibilities in the leased unit so he remains liable for the monthly rent and the condition of the rental property.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer .

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Free Lease Assignment Forms – Word – PDF

A Lease Assignment form is a document that enables a tenant to transfer the tenancy rights and obligations to another individual or party.

In simple terms, it is a document used by an original tenant who wants to relocate from the rental units/property but has someone in mind to take up their place.

The lease assignment form is usually common, especially in cases where a tenant is relocating and wants a relative or close friend to enjoy the benefits associated with such particular property or rental premises. However, before such assignments come into effect, the new tenant must be approved by the landlord. The new tenant will also be expected to sign a new lease agreement to take up the responsibility. Depending on the state, place of jurisdiction, or type of property, a lease assignment can be referred to as a Lease Assignment or residential lease assignment form.

Lease Assignment forms do have other alternative names. Depending on your choice, you can use the following names to refer to Lease Assignment:

• Lease Assignment Agreement
• Lease Transfer
• Assignment Agreement and
• Lease Assignment

In this article, we have provided a comprehensive guide about the elements of a lease assignment form, the parties involved and have also provided the free templates for you to get a better understanding of how to fill the form by yourself.

Parties Involved in the Process

Basically, a Lease Assignment form will always have two parties coming together to reach an agreement. These include the assignor and the assignee.

The Assignor: This is the original tenant whose details are on the current lease and is thereby intending to transfer the obligations to another party.

The Assignee: The assignee is the new tenant willing to take the new responsibilities from the old tenant. 

Note that while the landlord’s details are included in the Lease Assignment form, they are not a party signatory of the document itself. However, they may be required to give consent so as to allow the old tenant to assign the lease. 

Why it is Needed

There are many reasons why a tenant may want to assign a lease. A lease assignment form can occur when a tenant wants to move out of the property before the end of a lease term.

Here are other common reasons why an individual may need a Lease Assignment form:

• If a tenant who is leasing a residential unit plans to relocate for work, marriage, or other reasons, they may want to have their residents leased to other tenants to reduce the costs. 
• If a tenant leasing a commercial property wishes to move out for various reasons such as company relocation, downsizing, closure, or expansion. In that case, they may want to have their present premises be rented by a close business associate or friend. 

Essential Elements of a Lease Assignment

There is some vital information that must be included in any Lease Assignment form.

Here are some of them:

Type of lease: First, you will need to mention whether the lease is residential or commercial. 

The property’s location: Clearly describe the physical location and address of the property, including its street name, zip code, and state on which it is located.

Details of the parties: The details of key parties such as assignor, assignee, and landlord are mentioned. If there are other relevant parties such as property agents, negotiators/brokers, and witnesses, be sure to include them.

Original lease term: After you have written details of the assignor, assignee, and landlord, you need to write the terms and conditions of the original lease agreements are listed. Basically, the original lease term will define the start and the end dates of the lease agreement.  

Assignors continuing liability: The assignor’s continuity liability will indicate whether the old tenant will still be liable after the lease is passed to the assignee. 

Lead paint disclosure: Lead paint disclosure is mandatory for properties built before 1978. If the property to be leased falls under this category, you will have to include the disclosure on your Lease Assignment Form. 

Note that : The lease assignment form should also have a copy of the original lease agreement signed by both the landlord and the old tenant. Also, another copy should be presented to the assignee for record purposes. 

Writing a Lease Assignment Form

Writing a Lease Assignment form can sometimes be challenging, especially for first-timers. Fortunately, we have provided you with what you need to know to write a Lease Assignment form like a pro. Read on to learn the basic steps.

Step 1: The parties

In this first step of writing the Lease Assignment form, you will include the following set of information:

• The name of the assignor
• The street address of the assignor
• The city and state in which the assignor resides
• The official name of the assignee
• The date on which the document is assigned and completed (date/month/year)
• The name of the landlord
• The street address of the property
• City and state where the property is situated
• A brief description of the property under lease

Step 2: Transfer of lease agreement

This part is often completed by the assignor and reviewed by the assignee. Some of the information that must be covered includes:

• The date that the lease will end so that the assignee can begin taking the lease obligations
• The date on which the lease shall terminate

Step 3: Signatures

This next step is associated with signature submission.

Here is some useful information you could include before appending respective signatures:

• Add the date on which the document shall be executed in the following format (day/month/year).
• Mention the name of the assignor behind their signatures
• Add the date in which the assignor appended their signature
• Signature of assignee
• Print the name of the assignee behind their signature
• Date in which the signature was added.

Step 4: Landowner’s consent

The landlord is expected to fill in the following information:

• The city and street of residence
• The state in which the landlord lives.
• The date on which the assignor and the assignee agreed to transfer their lease agreement. 
• The landlords’ signature
• The date of signing

Before the landlord signs the document, he or she should read and agree to the agreements made by the assignee and the assignor. 

Involvement of a Landowner’s Consent

Generally, before the assignor engages the assignee in any form of the agreement it’s required that you first consult the landlord or property owner. It is after the landlord gives consent to the agreement that the assignment becomes effective. Therefore, the landlord will review the original lease agreement and give out their okay.

Or, they can decide to make additional information to the original agreement before giving out their consent to make the transfer valid. Depending on the state where you live, landlords’ consent may not play much effect. Therefore, it’s important that you first check out your state’s regulations before making a move. 

Assigning Vs. Subletting a Lease

Many people do confuse between assigning and subletting a lease . While it is true they resemble at some point; they also have some differences. 

A lease assignment form is a situation where a tenant transfers the lease obligations to a new tenant. Once signed, the assignment allows the new tenant to presume the new role while enjoying the landlord-tenant relationship. Note that under assignment, the original tenant may still be liable for any other damage or violations. 

On the other hand, a subletting is a situation where an old tenant temporarily releases the rights and obligations to the new tenant using a sublease agreement. Usually, the landlord isn’t a key participant in the sublease agreement. However, they still have the right to hold the first tenant liable for their properties. 

Liability in a Lease Assignment Process

Usually, a rental lease agreement should have a clause stating the continued liability. If at all it’s not included, then the landlord has the right to decide who will be liable for any damages within the property. 

Preferably, the assignment should clearly state in advance whether it is the assignor or the assignee who is liable for the rental property. 

Free Lease Assignment Forms

If you are a tenant willing to transfer the lease assignment forms to another third party, you will definitely need to write one. Luckily, we have provided you with customizable lease assignment templates that will ease the whole process for you. You can just download the templates from our site and find them. It’s that simple. 

The below-provided templates are printable, editable, and can be customized as per needs:

A lease assignment form is an important document that helps tenants transfer lease interests to a third party. It helps the original tenant (assignor) to give all the interests to a new tenant, also known as the assignee. By this, the new take up the new responsibility as per the agreement. Therefore, if you are willing to create a lease assignment, the above-mentioned information will help solve your needs. 

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Difference Between Assignment and Transfer

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another. 3 min read

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person.

When used as verbs, assign means to set apart or designate something for a purpose while transfer means to pass or move from one person, place, or thing to someone or someplace else. When used as nouns, assign means the assignee and transfer is the act of removing or conveying something from one person, thing, or place to another. Transfer generally refers to titles whereas assignment is used with obligations and rights.

Definitions of Assignment and Transfer

• Assignment: Assignment is used in real estate law and contracts law. It covers the transfer of rights held by the assignor to the assignee.
• Transfer: To remove or convey from one person or place to someone or somewhere else.

Distinction Between Assignment and Transfer

When distinguishing between assignment and transfer, take licenses, for example. Licenses are contracts that don't allow legal action for infringement. They fall under state law. Therefore, state law will decide whether the license is an obligation or right that can be transferred or assigned legally.

One way to distinguish this example is that an individual contract under an agreement cannot be assigned, like entitlement to grant back royalties . In addition, the contract cannot be transferred. You need to break it down and figure out what the actual issue is — the parties' intent. An additional distinction is when the contract holder is an entity and the business owners want to transfer a portion or all of their stock. This can be seen as an implied transfer of the whole contract. However, it would not likely be an assignment of the rights covered under this agreement.

Difference Between Assign and License

The key difference between assign and license is that with a license, the person who grants permission, known as the licensor, keeps an interest in the product being licensed . In an assignment, the assignor will transfer his or her rights to the product or property being assigned.

Another difference is that assignments must be in writing and a license can be executed without being written. Consider, for example, intellectual property such as patents. Patents can be licensed verbally in some instances, but assignments for patents must be in writing and filed with the United States Patent and Trademark Office .

Assignments grant the assignee full ownership of a product or property. Therefore, an assignment will typically cost more to acquire than a license.

Frequently Asked Questions

Are there ever situations in which a license can be transferred but is not assignable?

• Yes, in the case of allowing an assignment to one of your affiliates, the assignor would still be liable for the performance of the agreement under general assignment law. In this situation, you would not typically permit a transfer, because in a transfer, the person transferring would not maintain any obligations related to performance. Don't rely solely on this general understanding, but still expressly detail your agreement on what a licensee can legally do.

How will transfer and assignment rights affect someone's ability to sublicense?

• In theory, if a licensee has the authority to assign license rights to someone else, you could argue that it also provides the right to sublicense it. The issue here is that with a sublicense, the person sublicensing it keeps a license right, therefore effectively creating two licensees. With an assignment, only one right is assigned, and the assignee is the one who has possession of the license. With well-drafted licenses, the right to sublicense is not typically implied, as the licensor is the one who reserves all rights that are not expressly granted.

What is the effect of poorly drafted licenses?

• A poorly drafted license could result in giving someone implied rights to also sublicense. An example is a software license that allows a licensee to access the software without clarifying any restrictions or clearly defining the word “use.” This means that, depending on what this software is supposed to do, someone could think the term “use” means the licensee has permission to grant a sublicense as part of their usage rights.

If you need help understanding the difference between assignment and transfer, you can post your legal need on UpCounsel's marketplace. UpCounsel only accepts the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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Assigning a commercial property lease to another business.

To grow or react to market conditions your business may need to quickly leave its current premises. If your business rents the premises but there is still time left to run on the lease, what can you do?

A common solution is to transfer your lease to someone else. This process is called ‘assigning a lease’. In this article, we describe how this process operates and what potential problems you may need to overcome. If you need help in this area, our friendly  commercial property experts  can help.

How to assign a lease

‘Assigning’ a lease simply means transferring your lease to another person so that they become the new tenant. Once the assignment has taken place the lease continues to exist and the new tenant becomes liable for all of the tenant’s obligations in the lease.

The first step is to find someone who may want to take over the lease (they are known as ‘the assignee’). Aside from being happy with the rent that is being charged, the assignee will want to review the lease to ensure that it does not contain any onerous or unacceptable terms. This process will be very similar to the one your solicitor carried out when you negotiated the lease in the first place, except that as the assignee will be taking over the existing lease, they will have little or no opportunity to change its terms and will have to be happy with it as it stands.

If the lease contains terms which are generally unacceptable in commercial property leases or terms that will affect the ability of the new tenant to use the property as they wish, you may have problems in assigning the property. It is worth knowing before you start marketing your lease just what it does or does not allow. For example, it is no good marketing a warehouse to factory owners if it specifically forbids industrial use.

Most tenants will want to carry out the same due diligence process as if it were purchasing a commercial property or negotiating the lease at the outset. This usually involves raising queries with the local authority and utility companies as well as finding out about environmental and similar issues. This takes time so do not expect to be able to transfer the lease instantly.

The second step, once an assignee is found and they are happy to take on the lease, is to transfer (‘assign’) the lease. This will be done using a  Land Registry form known as a TR1 . If the lease is for less than 7 years, then the lease can be assigned by using a deed of assignment. Both these documents have the same effect and will generally be executed by both you as the current tenant and the assignee.

You can assign your lease to whoever and whenever you like. Most landlords are not willing to allow the tenant such freedom and often write into the lease restrictions on to whom a lease can be assigned and on what basis. In most cases, the landlord will be required to consent to the assignment before it can go ahead. This is where most of the practical problems arise as we explore in more detail below.

When and why to assign a lease

A tenant will generally look to assign its lease when it no longer requires use of the property but there is still some time before the lease comes to an end. For example, your business may have taken a five-year lease, but after two years you need to move. Unless the lease includes  break clauses , you would have to continue to pay the rent and comply with the lease terms for the remaining three years of the lease term. By assigning the lease you can dispose of or at the very least reduce that liability. 

If there is less than a year remaining of the lease to run, it may be more difficult to find someone who wants to take the lease for a short period of time, so in those circumstances, it may be worth continuing to trade from the existing property until the lease comes to an end itself.

A few common examples of why you may wish to assign your lease are that:

• You may have agreed to sell your business and the structure of the transaction requires the lease to be assigned to the purchasers;
• Your business may not be trading as well as you had hoped and you are unable to keep up with rent payments or you may simply need smaller premises;
• You may find that the property is no longer situated in a convenient place and may want to relocate the business; or
• Your business may have grown faster than anticipated and requires bigger premises from which to trade.

Is a licence to assign needed to transfer a commercial lease?

A licence to assign is the document used to evidence that the landlord has granted its consent to an assignment as required. Most landlords are primarily concerned with the income they earn from the properties they rent out. It is important to them that the tenants they rent to:

• Are able to pay the rent in full and on time;
• Keep the property in a good state of repair so that the property can be easily relet when the tenant leaves; and
• Behave in such a way as not to adversely affect the landlord’s ability to rent other properties it may own nearby.

It is for this reason that most landlords will seek to control who you can assign your lease to and prevent you from assigning your lease without your landlord’s consent.

Do you need the landlord’s consent to assign a commercial lease?

Whether your landlord’s consent to an assignment (by way of a licence to assign) is required depends on the terms of the lease you are seeking to assign. Most leases will have some restrictions. It is only if the lease does not include any restriction on assignment or includes restrictions but no requirement to obtain the landlord’s consent to an assignment, that no licence to assign will be required.

Although the detailed provisions can look intimidating, most assignment clauses simply require the landlord to agree that it believes the assignee to be able to meet its obligations and if it does so to formally consent to the assignment. The landlord is also usually required by statute not to unreasonably withhold or delay giving that consent.

Note: if you feel your landlord is not co-operating, you should explore the options for tenants in our article on  landlords unreasonably withholding consent .

You should ask for the landlord’s consent as soon as possible so as not to delay matters, as the landlord only has to deal with your request within a reasonable time and even then, only once you have provided all the information the landlord needs to reach its decision on whether or not to give its consent. This may include evidence of your assignee’s good standing such as bank and previous landlord references, and copies of audited accounts and bank statements.

If your proposed assignee is not of sufficient standing to satisfy the landlord consent may be granted if the assignee agrees to provide a guarantor for its liabilities or a rent deposit that can then be used if it fails to pay. What the landlord is permitted to insist on will depend on the specific wording of the lease and the specific set of circumstances.

You should also be aware that most landlords will insist that whatever the financial state of the assignee, you, as the outgoing tenant, will be required to guarantee the assignee’s obligations under the lease by what is called an authorised guarantee agreement. You should not make the error of assuming that by assigning your lease you can just walk away from any responsibility. The one thing that the law requires you to do is to find someone who can pay the rent and comply with the lease terms. If you do not do this, then the landlord will be able to recover any arrears from you.

If your lease expressly prohibits assignments without containing a requirement for consent to be given by the Landlord, then the starting point is that you cannot assign it at all. The landlord may still agree to an assignment taking place. This would still be documented by way of a licence to assign but in this case, the landlord would be under no obligation to grant its consent even if it would be reasonable to do so or to act promptly when considering your request to give that consent.

Actual assignments and virtual assignments

Most transfers of the ownership of a lease are carried out by an ‘actual assignment’ where the tenant assigns its interest in the lease to an assignee as explained above.

In a few cases you may seek to use a virtual assignment whereby you remain liable under the terms of the lease, but enter into a contract with a third-party transferring the economic benefits and burdens of the lease, without actually assigning the lease itself. These can be used when the lease contains overly restrictive assignment clauses. You could, for example, declare a trust or enter into a contract in favour of a third-party, effectively transferring the economic benefits and burdens of the lease to them. Beware of clauses in the lease which prevent this sort of arrangement.

If a tenant is a company and the shares in that company are transferred to someone else, then the lease would remain unaffected and the tenant would still be the company. Although not strictly a virtual assignment this change of ownership can be a concern to some landlords and as a result, some leases include express provisions restricting changes in the shareholding of the tenant company.

Registering a commercial lease assignment

If the lease is registered at the Land Registry or has more than 7 years of its term remaining, and you are the assignee, you must register the assignment at the Land Registry. The Land Registry will then process the application and update the title register for the lease so that it is in your name.

The assignee must register the lease as, until it does, the assignment is not fully complete and legally you have not yet become the tenant. This has practical implications as, depending on the wording of the lease, you may not be able to serve a valid break notice until it is registered at the Land Registry. As registration can in some circumstances take a long time, you may find yourself unable to end the lease when you expected. If you forget to register you are unlikely to complete your registration in time to take the steps you need to take.

If you do not apply for registration within 2 months of the date of completion of the lease, the lease becomes void and can only be registered if the Land Registrar agrees to make an order extending the 2 month period.

In addition to registering the lease with the Land Registry most leases include an obligation to notify the landlord that an assignment has taken place and to send them a copy of the assignment document and pay them a fee for noting the transaction. Sometimes the lease sets out the specific notice fee, but often the lease merely sets out a minimum fee. In that case, you should ask the landlord to confirm the notice fee before completing the assignment.

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The effect of an assignment on a lease

Once a lease has been assigned, the assignee steps into the shoes of the tenant and all the rights and duties that the previous tenant had passed over to the new tenant. Occasionally there are rights in the lease which are personal to the original tenant. This often affects the break clause. If the right to end the lease early is personal to the original tenant, you cannot do so if the lease is assigned.

As most leases require the previous tenant to guarantee the performance of the new tenant, the assignment also has the effect of rearranging the liabilities for payment of the rent. Any previous guarantor under an authorised guarantee agreement will have been automatically released by the assignment and rent deposits may become repayable by the landlord.

Assignment v sub-letting

Is it better to assign a lease or sub-let it? The answer very much depends on your specific requirements and circumstances.

Assigning the lease means that you no longer have any interest in the property. It is quite common that a tenant will still remain ‘on the hook’ for the lease obligations after an assignment, as the landlord will likely have insisted that they enter into an authorised guarantee agreement to guarantee the assignee complies with the lease. A landlord will not always insist on an authorised guarantee agreement and, even if one is in place, the obligations on it cease if/when the assignee assigns the lease itself to another party. Most tenants regard an assignment as the best option where they have no current use or interest in the property and do not think they will do so at any point in the future.

You may have to keep the lease in your name if you wish to rely on any personal rights in the lease by granting a sub-lease. This will allow you to retain your interest in the lease, but it also means that you are still liable to pay the rent due under the lease and comply with all of the lease obligations. As the sub-tenant is likely to be in occupation of all or part of the property, you must manage them to ensure that the sub-tenant does not place you in breach of your duties under the lease.

Other reasons for sub-letting include:

• Using the sub-lease as an income stream.
• If you think you may wish to use the property later.
• If you want to dispose of only part of the property and keep the rest for your own use (most landlords are extremely unlikely to allow you to assign part only of your lease).

How much does it cost to assign a commercial lease?

Assigning a commercial lease typically involves various costs that both the assigning tenant and assignee need to consider. Some of the common costs associated with assigning a commercial lease in the UK may include:

• Legal Fees: Engaging a solicitor to assist with the assignment process, review the lease agreement, draft the assignment documentation, and negotiate terms with the landlord can incur legal fees. Usually, the assignor and assignee bear their own legal costs for the transaction. The total fees can vary on a lease by lease basis, but often cost somewhere between £800 to £1,500 plus VAT for a complete service depending on the complexity.
• Landlord's Costs : The landlord usually charges its legal fees for processing the assignment, as well as administrative costs and any costs associated with reviewing the assignee's financial standing to provide its consent to the assignment. Depending on market conditions and bargaining strength, the incoming tenant/assignee usually pays the landlord’s legal fees but parties can choose to split the costs between them.
• Fulfilling lease obligations : Where such conditions are attached to the landlord providing his consent, this could mean anything from ensuring rent payments are up to date, to carrying out any repairs or maintenance deemed necessary, particularly if dilapidations are present.
• Surveyor's Fees : If a surveyor is engaged to assess the property's condition or value, the surveyor's fees may apply.
• Premium : depending on market conditions, if the rent payable under the lease is higher than the average current rate - the incoming tenant or assignee may negotiate that the current tenant pays them a premium to account for the difference.
• EPC : If this certificate has expired, the assignor will likely need to cover the costs of obtaining a new one to market the property.
• Costs for the assignor: If the assignment involves the payment of a premium or consideration, SDLT may be payable by the new incoming tenant based on the value of the premium or consideration. Other costs the assignee may need to factor into account include any security deposits required by the landlord, advance rent or Land Registry fees.

It is essential for both parties involved in the lease assignment to budget for these costs and factor them into their financial planning.

How long does the lease assignment process typically take?

The timeline for assigning a commercial lease can range from weeks to several months, depending on the complexity of the lease, the speed at which landlord consent is obtained, as well as the overall responsiveness of third-party solicitors in agreeing the paperwork. If the landlord is slow to provide consent to assign, or identifies repair works or other obligations to be fulfilled under the lease before agreeing to the assignment, the process will naturally take longer. To avoid potential delays, current tenants should seek to make enquiries with their landlord well in advance of their desired assignment date, and ensure they are up to date with their lease terms.

The process of assigning a lease can be complex and comes with legal implications for all parties involved. Whether you are a landlord, current tenant or incoming tenant, it is crucial to consult legal experts to help you navigate the process effectively and protect your interests in the commercial property transaction. Planning ahead and allowing plenty of time to obtain the landlord’s consent, negotiate the paperwork and ensuring lease terms are complied with can lead to a smoother successful transaction. If you have any questions about assigning a commercial lease, our friendly team of commercial property solicitors at Harper James are here to help.

About our expert

Parmjit Gill

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www.inverclyde.gov.uk

Asset Transfer Request - Proposed Lease of Area of the Walled Garden, Gourock Park, Gourock

The Council received an Asset Transfer Request under the Community Empowerment (Scotland) Act 2015 from Inverclyde Shed seeking the grant by the Council of a lease of an area of land at the Walled Garden, Gourock Park, Gourock on 10 October 2023.

Consultation in relation to the proposal was carried out in terms of the 2015 Act and (because of the nature of the land) under the Town and Country Planning (Scotland) Act 1959, and closed on 1 March 2024.

Reports on the outcome of the consutlation and the proposed lease were brought to the 14 March 2024 meeting of the Environment and Regeneration Committee, at which the grant of the lease was approved.

More details of the meeting and the publically available documents can be found on the link in the Related Links section of this page.

The documents section of this page includes links to the following, namley: 

• the Asset Transfer Request itself, with various related documents;
• a copy of the formal notices in terms of both the 1959 and 2015 Acts;
• a summary of all represenations received to the date stated in the document, and any comments on those representations made by the body who has submitted the Asset Transfer Request; and
• a copy of the Decision Notice issued following approval of the lease.

All information is processed in accordance with Inverclyde Council's Privacy Statement which can be seen by following the link in the related links section of this page.

Page last updated: 19 March 2024

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Notificaties

• Vuelta a Espana 2024
• IDL-producties
• Wielerkalender 2024 - mannen
• Wielerkalender 2024 - vrouwen

Riejanne Markus trekt Visma | Lease a Bike-deur dicht na komst Ferrand-Prévot en trekt naar Lidl-Trek

Andermaal een noemenswaardige transfer in het vrouwenwielrennen . Riejanne Markus vertrekt bij Visma | Lease a Bike . De Nederlandse tijdrijdster annex klassementsrenster tekent voor drie seizoenen bij Lidl-Trek . Dat maakte de Duits-Amerikaanse ploeg dinsdagochtend bekend. Markus is zo onderdeel van een nieuwe carrousel aan transfers, want haar huidige ploeg ziet in Pauline Ferrand-Prévot de vrouw die de Tour kan winnen. Markus hoopt juist bij haar nieuwe team op succes in de rondes.

Ploegleider van dienst bij Lidl-Trek, Luca Guercilena, is zeer verheugd met de komst van de 30-jarige Nederlandse. 'Riejanne heeft bewezen een kracht te zijn in zowel eendaagse wedstrijden als etappekoersen, en we hebben haar de afgelopen seizoenen een grote stap vooruit zien zetten. Ze is een renster wiens ambitie overeenkomt met de drive van ons team, en we hebben er vertrouwen in dat ze met Lidl-Trek grote stappen zal blijven maken.'

Markus gaat Van Anrooij achterna: 'Tour, Vuelta, tijdritten en klassiekers zijn doelen'

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'Haar kwaliteiten op de fiets – klimmen en tijdrijden – zullen de rest van het team goed aanvullen, waardoor we in verschillende situaties succes kunnen nastreven. Door haar bij Lidl-Trek te betrekken, worden we gedurende het seizoen competitiever, van de klassiekers tot de grote rondes.'

Ook Markus zelf liet van zich horen. 'Ik heb grote doelen voor de komende seizoenen, met name gericht op het klassement in etappekoersen en uitblinken in tijdritten. Ik wil strijden in de heuvelachtige klassiekers, de Vuelta en de Tour de France. Bovendien ziet de sfeer onder de renners en het personeel er fantastisch uit, en ik kan niet wachten om er deel van uit te maken.'

Juist in die wedstrijd was Markus namens de gele brigade met grote ambities vertrokken. Na enkele ritten kon ze echter concluderen dat het er niet inzat voor het klassement. Uiteindelijk eindigde ze anoniem als 46e in de Tour. Bij Lidl-Trek komt Markus onder meer Shirin van Anrooij tegen als landgenote.

Visma | Lease a Bike hard voor leider Markus na mislukte Luik-rit: 'Verwacht dat ze bij die groep kon blijven'

Vos geeft markus een kleine peptalk en ziet kansen op oorlog voor visma | lease a bike: 'attractieve dag', plaats reactie.

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Romelle Donovan and George Hall given Birmingham City assignment after snubs

Romelle Donovan and George Hall have been overlooked by Birmingham City manager Chris Davies at the beginning of the season

• 15:23, 19 AUG 2024

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Romelle Donovan and George Hall were given some minutes in another heavy defeat for Birmingham City’s under-21 side on Monday afternoon.

Blues were put to the sword by Colchester United’s under-21 side, losing 3-0 at St Andrew’s @ Knighthead Park, to cap a miserable start to the season. Blues opened their Professional Development League campaign with a 6-1 defeat to Ipswich last week.

Donovan and Hall both started for Steve Spooner’s side to build up their minutes after their recent omissions from the first team. Donovan travelled to Charlton Athletic for the Carabao Cup tie last week but missed out on Chris Davies’ final squad.

Donovan impressed in pre-season and was expected to add to his 10 first team appearances under Davies. BirminghamLive understands there is Premier League interest in the 17-year-old forward.

READ: Chris Davies now has the dream scenario in one Birmingham City position

READ: Players for sale and ones to watch – Blues' transfer state of play

Hall has been made available for transfer by Blues after a pre-season in which he barely featured under Davies. The 20-year-old hasn’t been selected by Davies for a game yet and Blues want him to play regular football elsewhere.

Davies said of Hall: "For him, the future is probably going to be a case of getting the right exposure to game minutes that he might not be able to get here."

Should Blues keep Donovan and Hall? Have your say in the comments HERE

Sky has slashed the price of its Sky Sports, Sky Stream, Sky TV and Netflix bundle in an unbeatable new deal that saves £216 and includes 1,400 live matches across the Premier League, EFL and more.

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Markus leaves Visma | Lease a Bike after Ferrand-Prévot arrives and joins Lidl-Trek

Another noteworthy transfer in women's cycling has taken place. Riejanne Markus is leaving Visma | Lease a Bike . The Dutch time trialist and GC contender has signed a three-year contract with Lidl-Trek , as the German-American team announced on Tuesday morning. Markus is part of a new wave of transfers, with her current team bringing in Pauline Ferrand-Prévot as their potential Tour winner. Markus, on the other hand, hopes to find success in stage races with her new team.

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Luca Guercilena, the team manager at Lidl-Trek, is thrilled with the arrival of the 30-year-old Dutch rider. "Riejanne has proven to be a strong force in both one-day races and stage races, and we’ve seen her make significant progress over the past few seasons. She’s a rider whose ambitions align with the drive of our team, and we’re confident that she will continue to make great strides with Lidl-Trek."

Markus follows Van Anrooij: "Tour, Vuelta, time trials, and classics are my goals"

"Her skills on the bike—climbing and time trialing—will complement the rest of the team well, allowing us to pursue success in various situations. By bringing her into Lidl-Trek, we become more competitive throughout the season, from the classics to the grand tours."

Markus herself also shared her thoughts. "I have big goals for the coming seasons, particularly focusing on the overall classification in stage races and excelling in time trials. I want to compete in the hilly classics, the Vuelta, and the Tour de France. Moreover, the atmosphere among the riders and staff appears fantastic, and I can’t wait to be a part of it."

In this year's Tour, Markus had started with high ambitions on behalf of the yellow brigade. However, after a few stages, she realized that a strong GC finish wasn't in the cards. She eventually finished anonymously in 46th place. At Lidl-Trek, Markus will join fellow Dutch rider Shirin van Anrooij.

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Favorites stage 4 vuelta a españa 2024 | first clash uphill: roglic versus uae-team emirates, why skjelmose’s storyline is one of the most interesting to watch in this vuelta, place comments.

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