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The video discusses the sublease consent form and highlights the distinction between a sublease and an assignment. A sublease agreement involves a tenant and a subtenant, typically covering a portion or the entire premises. In a sublease, the tenant retains the privity of contract with the landlord while transferring only the privity of estate to the subtenant. This results in two separate contractual relationships: one between the tenant and the subtenant, and another between the tenant and the landlord, with no direct relationship between the subtenant and the landlord. If issues arise, the tenant must communicate with the landlord. Generally, tenants may sublease freely unless specified otherwise in the lease, so seeking consent is advisable.