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When assigning a lease agreement, it is crucial to recognize the difference between an assignment and a sublease. An assignment transfers the entire leasehold estate from the tenant to the assignee, while a sublease only involves a portion of the estate being transferred to a subtenant. Tenants should seek the landlord's consent before assigning their interest unless the contract explicitly states otherwise. Even if consent is granted, it is often necessary for assignment. In an assignment, the tenant transfers both privity of estate and privity of contract, making the assignee the new occupant and responsible for all obligations originally held by the previous tenant under the contract with the landlord. This means the assignee inherits the rights and responsibilities of the original tenant.
