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When assigning a lease agreement, it's crucial to differentiate between an assignment and a sublease. An assignment transfers the entire leasehold interest from the tenant to the assignee, while a sublease transfers only a portion to a subtenant. Tenants should seek the landlord's consent before assigning their interest if it's not explicitly stated in the contract, as consent is often required. In an assignment, both privity of estate and privity of contract are transferred, meaning the assignee becomes the new occupant and assumes all obligations of the original lease with the landlord. Consequently, the assignee retains all rights held by the previous tenant while also taking on their contractual responsibilities.
