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When assigning a lease agreement, it is essential to differentiate between an assignment and a sublease. An assignment involves transferring the entire leasehold estate from the tenant to the assignee, while a sublease only transfers a portion. Tenants should seek the landlord's consent before assigning their interest if not clearly stated in the contract, as consent may be mandatory. In an assignment, the tenant transfers both the privities of estate and contract, making the assignee the new occupant with all the rights of the previous tenant. Consequently, the assignee also assumes all the obligations from the contract between the landlord and the previous tenant.
