What Is Assignment Of Lease Agreement

Other reasons: buying a house, divorce, disagreements between roommates, creating a new household, the need for a larger apartment, financial problems, moving for employment reasons, etc. do not allow a tenant to force the landlord to terminate the lease. In fact, there are only 4 specific situations in which the lease can be terminated during its duration: if you do not renew the lease and the subtenant wants to stay in the apartment, he should try to sign a new lease with the landlord. Maybe you need to move for work or school, or reduce the size of your business. Whatever the reason, a lease assignment agreement can help you transfer your lease to someone else and leave your rental property without violating your original lease. After signing a lease, you may think that you no longer have any obligation to the original property or lease, but this is not always the case. Permanence is a concept that means that the original tenant (known as the cendent) can still be held liable for lease violations or damage to the property caused by the new tenant (the buyer). Whether or not permanent liability applies to your situation depends on whether there are related clauses in your main lease or your landlord`s consent to the assignment of the lease. .