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When entering a lease agreement, it's crucial to understand the distinction between an assignment and a sublease. An assignment transfers the entire leasehold estate to the assignee, whereas a sublease only transfers part of the estate to a subtenant. Tenants should seek consent from the landlord before assigning their interest unless explicitly stated in the contract. If consent is required, it must be obtained for the assignment to be valid. In an assignment, the tenant transfers both privity of estate and privity of contract, making the assignee the new occupant with all rights and obligations from the original contract with the landlord.