Common Contracts
1 similar Lease Assignment Agreement contracts
Lease assignment agreementLease Assignment Agreement • November 6th, 2021
A lease assignment allows a tenant to “allocate” and transfer the name of the lease, often the tenant, to someone else. The landlord must approve the tenant and, if accepted, an assignment will be executed by both parties. The contractor will be the new tenant and the original tenant will be released from the lease. Residential (Example) When a tenant can no longer make monthly rent payments and knows someone who can replace them in the apartment. The landlord will be contacted and the new tenant will be projected by their credit score and background. If approved, an assignment will be written and ready for signing. Commercial (Example) When a company is purchased and the old owner has no interest in the property. The landlord will be informed that the company is no longer owned by the tenant and will issue a lease order to make the new owner personally responsible for the lease agreement. A standard residential lease is typically a term of one (1) year, or any fixed period of time, wh
