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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 to the subtenant. Tenants should seek landlord consent before assigning their interest if not clearly specified in the contract. Consent may be required for assignment. In an assignment, the tenant transfers both privities of estate and privity of contract, making the assignee the new occupant and assuming all obligations of the lease. Consequently, the assignee holds the rights of the previous tenant while also taking on the contractual obligations with the landlord.