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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 attempting an assignment, especially if it’s not clearly stated in the contract. Consent may often be required for the assignment to proceed. In an assignment, the tenant transfers both privity of estate and privity of contract, making the assignee the new occupant of the premises. Consequently, the assignee assumes all obligations from the contract between the landlord and the previous tenant and possesses all rights previously held by the tenant.
