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Commonly Asked Questions about Lease Assignment Agreement

A sublease can be for less than all of the leased premises, while an assignment that transfers the entire lease must be for all of the premises. A sublease is a more involved transaction, as it requires a full sublease document between the commercial tenant as sublessor and the sublessee.
Your landlord can refuse to let you sublet or assign to a particular person only if there is a good reason. For example, the person caused problems for a landlord in the past, such as damaging property or not paying rent.
What Is a Lease Takeover? Also known as a lease assignment, a lease takeover involves having someone else take over the remainder of your lease. Its different from a sublet, because under that arrangement, you remain responsible for paying your rent and the substitute tenant you find pays rent to you.
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A lease assignment occurs when a tenant fully transfers their lease to another party. The landlord must agree to the lease transfer, and usually records their consent to it via a document called a license to assign.
Simply put, it is a transfer of an existing lease by the current tenant to a new tenant with the consent of the landlord.
It is very common for tenants of commercial leases to either want to, or perhaps need to, get out of the lease. A common way of doing this is to assign the lease to a new tenant (this may be the only option if there are no break options in the lease and the Landlord is unwilling to agree to a surrender).
A lease assignment occurs when a tenant fully transfers their lease to another party. This is particularly important for tenants who wish to get out of their leases early due to financial issues, especially if a landlord does not allow subleases.
Understand the difference between an assignment and an assumption agreement. An assignment agreement transfers the rights and obligations of the original contract from one party to another, while an assumption agreement transfers only the obligations of the original contract to the new party.