Commercial Lease Assignment from Tenant to New Tenant - Washington 2025

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This document is a Commercial Lease Assignment agreement between a Landlord, a former Tenant (Assignor), and a new Tenant (Assignee). It outlines the assignment of the lease rights and obligations from the Assignor to the Assignee, including the assumption of rent payments. The document also addresses the potential joint and several liability of the Assignor for any damages caused by the Assignee under the lease agreement.
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If this is a house, apartment, condo, flat, or vehicle you will need permission from the landlord/owner. Then that person will have to qualify with the landlord/owner to get the lease from you. You cannot just say another person gets the lease. It must be approved before you can stop making payments.
Under a typical lease assignment, you transfer all of your space to someone else for the entire remaining term of the lease, and the new tenant pays rent directly to the landlord. If the new tenant fails to pay rent or damages the rental, your landlord could look to you for compensation.
A notice of assignment of lease, which is a form signed by both the assignor-landlord and the assignee, or new landlord, is one way to give notice. Another way is to send a letter on the landlords letterhead. Either way, the notice must include the new landlords address and how rent is to be paid.
Not all leases allow for takeovers or sublets, so you will have to carefully read your lease terms to deduce whether or not youd be allowed to do either when intending to move out. Both also must be approved by your landlord. While they can be risky, they can also be easy ways to find a short-term rental.
Whatever the reason, tenants can transfer their original commercial lease to new parties by completing an assignment of the lease. An assignment transfers one partys interest and obligations under a lease to another party.

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People also ask

Individuals may take new jobs in new cities, and companies may go out of business or sell their enterprises to a third party. Whatever the reason, tenants can transfer their original commercial lease to new parties by completing an assignment of the lease.
Lease assignment refers to the process of transferring the lease from the original tenant (assignor) to a new tenant (assignee). This method allows the original tenant to transfer their rights and obligations under the lease to another party, effectively exiting the lease before its expiration.
This is called an assignment fee. For the right to transfer a lease, or what is often justified as attorneys fees, an assignment fee is demanded to release the current tenant from their obligations.

Related links

Landlord- Tenant Law

When a rental unit is sold, tenants must be notified of the new owners name and address, either by certified mail, or by a revised posting on the premises.

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Title 3 BUSINESS AND LICENSE REGULATIONS Chapter

In addition to furnishing such docHubd statement, the applicant shall furnish the name, address and phone number of the owner of record of the property, as

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Assignment, Subletting, and Mortgaging by Tenant

A complete analysis of the question of whether a landlord has a duty to mitigate when a tenant abandons during the lease term is set forth in chapter 16.

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