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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 the subtenant. Tenants should seek the landlord's consent before assigning their interest if not explicitly stated in the contract, as consent may often be required. In an assignment, the tenant transfers both privities of estate and privity of contract, making the assignee the new occupant who assumes all obligations under the existing contract with the landlord. This means the assignee inherits all rights held by the previous tenant while also taking on the contractual obligations.
