How it works
If you need to leave a rental property before the lease is up, a Lease Assumption Agreement allows another tenant to assume your responsibilities under the lease. Keep in mind that if the new tenant doesn't hold up their end of the bargain, by failing to pay the rent for example, both you and the new tenant may be liable. In many cases, a Lease Assumption Agreement can be a win-win situation for everyone involved.
If you need to leave a property before your lease is up, a Lease Assumption Agreement enables the tenant to transfer the lease to another person, known as the "assignee." This process needs to be approved by the landlord. Note that a Lease Assumption Agreement does not relieve the original tenant, who has transferred the lease to the assignee, from their contractual obligations under the original lease. Instead, the original tenant is jointly responsible for the terms of the lease with the assignee. For instance, if the assignee fails to pay the rent, or the property is damaged, the landlord may sue either (or both) the original tenant and assignee to reclaim any damages or monies owed.
A Lease Assumption Agreement is commonly used when the current tenant is moving permanently, and does not intend to return to the property. If the tenant plans to be away from the property temporarily, and return during the lease period, a Sublease Agreement can be used instead.
Other names for this document: Lease Transfer Agreement
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