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When assigning a lease agreement, it is 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 a portion of the estate to a subtenant. Tenants should seek the landlord's consent before assigning their interest if not explicitly stated in the lease. If consent is required, it typically must be obtained prior to the assignment. In an assignment, the tenant transfers both privity of estate and privity of contract, meaning the assignee becomes the new occupant and assumes all obligations of the lease. Consequently, the assignee inherits the rights of the previous tenant while taking on all contractual responsibilities to the landlord.
