Assigning a real estate lease permits the tenant (the person responsible for fulfilling the lease obligations) to transfer their rights and obligations to another party for the remainder of the lease term.
This agreement is suitable for Commercial and Retail Leases assignments.
The new tenant “the assignee” agrees to assume the rights and obligations of the original tenant “the Assignor” by accepting all the terms and conditions of the lease.
Once executed with the Property owner’s permission, the original tenant will be released from any obligations under the lease or make further payments to the landlord should the new tenant default.
Alternatively if you are unable to obtain the landlords permission to assign you can always sublet the property. See Commercial Property Sublease Agreement
Click on the state to choose the correct Assignment of Lease for your state or territory.
Each state has different tenancy laws (particularly with regard to retail leases) so the Assignment of Lease Agreement is State specific.
Your professionally drafted, easy to use assignment of lease agreement is available for immediate download.
The document comes to you as a Microsoft Word template that can be used as often as you like. Simply insert the correct information in the appropriate field and tab to the next. Now print your professional agreement!
Once executed with the Landlords permission, the landlord may no longer seek to recover any money owed should the new tenant default. Thus indemnifying “the assignor” from any future liability.
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