Common Contracts
1 similar Assignment of Commercial Lease contracts
Lease assumption agreement formAssignment of Commercial Lease • August 21st, 2021
Assignment Of Commercial Lease With Landlord Consent - How to Guide by LegalZoom Staff by LegalZoom Staff updated March 24, 2021 · 11min read Occasionally, tenants want to leave a rental property before the end of their lease. Individuals may take new jobs in new cities, and companies may go out of business or sell their enterprise to a third party. Whatever the reason, tenants can transfer their lease interests to new parties by completing an assignment of the lease. An assignment is the transfer of one party’s entire interest in and obligations under a lease to another party. The new tenant takes on the lease responsibilities, including rent and property maintenance, and the original tenant is released from most (if not all) of its duties. Successful property management begins with good documentation, and a properly-drafted and executed assignment will ensure that all parties – new and old – understand the obligations that are being transferred and the responsibilities that each will
