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When assigning a lease agreement, it's crucial to distinguish between an assignment and a sublease. An assignment entails transferring the entire leasehold estate from the tenant to the assignee, whereas a sublease only transfers a portion to the subtenant. Tenants should seek landlord consent before assigning their interest if not explicitly stated in the contract. Consent may be necessary, as it often influences the ability to assign the lease. In an assignment, the tenant transfers both privity of estate and privity of contract, making the assignee the new occupant responsible for all obligations in the original contract with the landlord. Consequently, the assignee retains the rights of the previous tenant while assuming all contractual responsibilities.
