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When assigning a lease agreement, it’s important to differentiate between an assignment and a sublease. An assignment transfers the entire leasehold estate from the tenant to the assignee, while a sublease conveys only a portion of the estate to a subtenant. Tenants should seek landlord consent before assigning their interest unless the contract explicitly permits this. Consent may be needed in many cases to complete the assignment. The tenant transfers both privities of estate and contract, meaning the assignee becomes the new occupant and assumes all obligations from the previous contract with the landlord. Thus, the assignee inherits all rights held by the previous tenant while also accepting liabilities.