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When assigning a lease agreement, it’s essential to differentiate between an assignment and a sublease. An assignment transfers the entire leasehold estate from the tenant to the assignee, while a sublease only transfers part of the estate to a subtenant. Tenants should seek the landlord’s consent before assigning their interest unless the contract states otherwise. Consent may already be granted, or could be a requirement for the assignment. In an assignment, the tenant transfers both privity of estate and privity of contract, making the assignee the new occupant and responsible for all obligations in the original contract with the landlord. Thus, the assignee holds all rights of the previous tenant while assuming their contractual responsibilities.