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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, whereas a sublease transfers only a portion to the subtenant. The tenant should seek the landlord's consent before assigning their interest unless the lease explicitly states otherwise. Even if consent is already granted, it may still be required for the assignment to occur. In an assignment, the tenant transfers both privity of estate and privity of contract, meaning the assignee becomes the new occupant and assumes all contractual obligations. Consequently, the assignee inherits all rights held by the previous tenant along with the obligations of the lease.