A Lease Assignment Agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another. In other words, a Lease Assignment Agreement is used when the original tenant wants to get out of a lease and has someone lined up to take their place.
Within a Lease Assignment Agreement, there is not that much information included, except the basics: names and identifying information of the parties, assignment start date, name of landlord, etc. The reason these documents are not more robust is because the original lease is incorporated by reference, all the time. What this means is that all of the terms in the original lease are deemed to be included in the Lease Assignment Agreement.
A Lease Assignment Agreement is different than a Sublease Agreement because the entirety of the lease interest is being transferred in an assignment. With a sublease, the original tenant is still liable for everything, and the sublease may be made for less than the entire property interest. A Lease Assignment transfers the whole interest and puts the new tenant in place of the old one.
The one major thing to be aware of with a Lease Assignment Agreement is that in most situations, the lease will require a landlord's explicit consent for an assignment. The parties should, therefore, be sure the landlord agrees to an assignment before filling out this document.
How to use this document
This Lease Assignment Agreement will help set forth all the required facts and obligations for a valid lease assignment. This essentially means one party (called the Assignor) will be transferring their rights and obligations as a tenant (including paying rent and living in the space) to another party (called the Assignee).
In this document, basic information is listed, such as old and new tenant names, the landlord's name, the address of the property, the dates of the lease, and the date of the assignment.
Information about whether or not the Assignor will still be liable in case the Assignee doesn't fulfill the required obligations is also included.
Lease Agreements in the United States are generally subject to the laws of the individual state and therefore, so are Lease Assignment Agreements.
The Environmental Protection Agency governs the disclosure of lead-based paint warnings in all rentals in the States. If a lead-based paint disclosure has not been included in the lease, it must be included in the assignment. Distinct from that, however, required disclosures and lease terms will be based on the laws of the state, and sometimes county, where the property is located.
How to modify the template
You fill out a form. The document is created before your eyes as you respond to the questions.
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Form: Assignment of Lease - Multiple Tenants
[Download this form as a .doc (Word) file]
Consent to Assignment of Lease
[Scenario: more than one tenant is on original lease, one of those tenants is moving out, one or more tenants are staying, a new tenant is moving in]
Tenant: __________________________ [current tenant that is moving out]
Assignee: ________________________ [new tenant that is moving in]
Landlord, Tenant, and Assignee agree as follows:
1. Location of Premises
Tenant has leased the premises located at _______________________________ from Landlord, pursuant to a Lease Agreement dated ___________, between [name(s) of current tenant(s) who will remain in apartment] and Tenant (collectively as co-tenants) and Landlord (the “Lease”).
2. Lease Beginning and Ending Dates
The lease was signed on __________________, and the initial 12-month term of the Lease expires on __________________.
Tenant hereby assigns all of his/her interest in the Lease to Assignee, beginning on ___________.
4. Tenant's Future Liability
Tenant's financial responsibilities under the terms of the lease are ended by this Assignment. Specifically, Tenant's responsibilities for future rent and future damage are ended.
5. Tenant's Right to Occupy Terminated
As of the date of this Assignment, Tenant permanently gives up the right to occupy the premises.
6. Binding Nature of Agreement
Assignee is bound by every term and condition in the Lease, including but not limited to the payment of rent. [Name of current tenant(s) staying in apartment] continue(s) to be bound by every term and condition in the Lease, including but not limited to the payment of rent.
7. Assignment of Security Deposit
Tenant assigns all of his/her interest in the security deposit to Assignee, and will have no right to request any portion of the security deposit from Landlord. Assignee has reimbursed Tenant for his/her share of the security deposit.
Landlord's signature Date
Tenant's signature Date
Assignee's signature Date