What is a Lease Assignment?
A Lease Assignment is a legally binding agreement that allows a tenant to transfer their lease obligations to another tenant. Lease Assignments can be useful when the original tenant needs to move and wants someone else to take over the lease.
A Lease Assignments can be used to transfer either a residential or commercial lease agreement, and they typically cover the terms of assignment, the consent of the landlord, and the acceptance by the assignee. It's important to note that the original tenant must obtain the landlord's consent before transferring the lease. If the landlord's consent is required in the original lease and not obtained prior to making the assignment, the Lease Assignment will be void, and the original tenant will remain liable under the original lease agreement.
If you need to transfer your lease to someone else, use a Lease Assignment to legally transfer your lease obligations. This can help ensure a smooth transition of responsibility and protect you from liability. You can use this Lease Assignment, which includes a landlord consent form for your convenience, to help simplify the process.
When to use a Lease Assignment:
- You want to transfer your lease to someone else.
- You'd like to take over someone's lease agreement.
- You're a landlord and want to facilitate the transfer of your tenant’s lease to someone else.
This Assignment is made on by , , , (Assignor), to , , , (Assignee).
For value received, Assignor assigns and transfers to Assignee that Lease, dated , executed by Assignor as Lessee and by , , , regarding the property located at , , , hereinafter referred to as the Lease together with all his right, title, and interest in and to the lease and premises, subject to all the conditions and terms contained in the Lease, to have and to hold from , until the present term of the Lease expires on .
A copy of the Lease is attached hereto and made a part hereof by reference.
Assignor covenants that Assignor is the lawful and sole owner of the interest assigned hereunder; that this interest is free from all encumbrances; and that Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Lease.
Assignee agrees to pay all rent due after the effective date of this assignment, and to assume and perform all duties and obligations required by the terms of the Lease.
CONSENT OF LESSOR
I, , Lessor named in the above assignment of lease, on , consents to that assignment of the Lease executed by me on . I also consent to the agreement by Assignee to assume after , the payment of rent and performance of all duties and obligations as set forth in the Lease, and release , Lessee and Assignor, from all duties and obligations under the Lease, including the payment of rent, after , and accept Assignee as Lessee in the place of , Lessee and Assignor.
Executed on the date first written above with intent to be legally bound.
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