Lease Assignment

A lease assignment is a legal process where a tenant transfers their lease agreement to another person, known as the assignee. This means the assignee takes over the rights and responsibilities of the lease, including paying rent and adhering to the terms. The original tenant is typically released from obligations after the assignment, depending on the lease terms and landlord approval. Lease assignments are common in residential and commercial properties, allowing tenants to move out while ensuring the landlord receives rent from the new tenant without needing to find a replacement.