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When assigning a lease agreement, it is crucial to differentiate between an assignment and a sublease. An assignment transfers the entire leasehold estate from the tenant to the assignee, while a sublease transfers only a portion to the subtenant. Tenants should seek the landlord's consent before assigning their interest if not explicitly authorized in the contract. Consent may be necessary in many cases for a valid assignment. In an assignment, the tenant conveys both privities of estate and privity of contract, making the assignee the new occupant with all rights and obligations as per the original lease agreement. The assignee assumes the previous tenant's obligations while gaining the associated rights.