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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 estate from the tenant to the assignee, while a sublease transfers only a portion. Tenants should seek the landlord's consent before assigning their interest if not explicitly stated in the contract, as consent may be required in many scenarios. In an assignment, the tenant transfers both privity of estate and privity of contract, making the assignee the new occupant responsible for all obligations under the contract with the landlord. Thus, the assignee inherits all rights previously held by the tenant.
