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What is the difference between assign lease and sublease?

With a Landlords Consent to Lease Assignment, landlords and property managers can give formal approval to tenants who wish to exit their lease agreement and transfer it to a new tenant before the rental term is complete.

What is the difference between a lease and a sublease?

A lease is a rental contract between a landlord and a tenant, whereas a sublease is a contract between a tenant and a sub-tenant who has assumed obligations of the tenants lease.

Is a lease assignment the same as a sublease?

If the lessee transfers his or her entire remaining interest in the tenancy, then the transfer is known as an assignment. If the lessee transfers only part of his or her interest, then the transfer is known as a sublease.

What does it mean to assign a lease agreement?

A lease assignment occurs when a tenant fully transfers their lease to another party. This is particularly important for tenants who wish to get out of their leases early due to financial issues, especially if a landlord does not allow subleases.

Is assigning the same as subletting?

A sublet is when a tenant moves out of their rental unit and allows someone else to live there temporarily. An assignment is when a tenant finds someone to take over their tenancy agreement. Tenants need written permission from the landlord to sublet a rental unit or assign a tenancy agreement.