A lease assignment agreement is a legally binding document between a tenant and a new tenant (or a third party). In this, the tenant transfers their rights and obligations of the original lease to the new tenant for the remaining period of the lease.
There are many reasons why a tenant might need to assign a lease. For example, the tenant might be moving to a new city for work and need to find someone to take over their lease.
No matter the reason, a lease assignment agreement can help make assigning a lease simple and smooth for all parties involved. Tailor this lease assignment template per your requirements by deleting or adding clauses.
This Lease Assignment Agreement (hereinafter referred to as the "Agreement") made and entered into this [Document.CreatedDate] by and between:
Name: [Assignor.FirstName] [Assignor.LastName] [Assignor.Company] (hereinafter referred to as "Assignor"), and
Name: [Assignee.FirstName] [Assignee.LastName] [Assignee.Company] (hereinafter referred to as "Assignee")
Assignor and Assignee are hereinafter referred to as “Parties” collectively in this Agreement.
The leased property is located at the following address: [Property.Country] [Property.State] [Property.StreetAddress] [Property.City] [Property.Phone] .
The landlord of the Property is [Landlord.FirstName] [Landlord.LastName] [Landlord.Company]
The tenant of the Property is [Assignor.FirstName] [Assignor.LastName] [Assignor.Company]
The term of the lease is from (insert the date on which the lease was effective) to (insert the date when the lease ends as per the contract).
The Property is leased for the following purpose: (insert the purpose of leasing, for example, office space, business premises, residential property)
The monthly rental amount is (insert rental amount in words), and payable on the (insert the day, example, 7th, 15th) day of each month.
Leased the Property described above from the landlord who is currently in valid possession of the Property;
Legal right and authority to sublease the Property and to enter into this Agreement; Read and agree to the terms and conditions of this Agreement;Not received any notice from the landlord or any other person or authority that the Assignor’s leasehold interest in the Property is in jeopardy; and
Is not in default of any of the terms and conditions of the Lease.No improvements were made in the Property by the Assignor without prior authorization from the Landlord.
Have the financial capacity to make all payments that may become due under the terms of the Lease; and
Understood that the acceptance of this Agreement does not and will not violate any agreement between the Assignee and any other person or entity.
This Agreement is not effective or binding until the Assignee has executed the Lease.
The Parties agree to give written notice of this Agreement to the landlord within (insert number of days, example: 3 days) days after the execution of this Agreement by the Parties.
Assignor waives any rights they may have, including the right of redemption, re-entry, and demand for possession, against the Assignee if the Assignee does not make timely payments as per the Lease.
Approval from the landlord is a prerequisite to legalizing the assignment. To give prior notice to the landlord, the tenant must send a notice in writing by personal delivery or certified mail, and the notice must be accompanied by information like; the name and address of the proposed assignee, how the proposed assignee will use the property, and a copy of the proposed chain of title.
Security deposit of the Property is currently (insert amount in numbers) and shall be paid as per the current lease agreement.
Rent of the Property is currently (insert amount in numbers) and shall be paid as per the current lease agreement.
Exactly (insert number, example: 3 days, 7 days) days after the date of this Agreement, the Assignor must pay to the Assignee any rent that may become due under the Lease up to the date on which the Assignee takes possession of the Property, which must be evidenced by a receipt or other written acknowledgment issued by the Landlord.
This Agreement may not be terminated except by mutual agreement of the Parties. Subsequently, the Assignee may not sublease, hypothecate, lend, sell, sublet, borrow on, pledge, or mortgage the Property.
The Assignee agrees to indemnify and hold the Assignor harmless from and against any claims, costs, losses, damages, liabilities, and expenses (including reasonable attorneys' fees and costs) arising out of or in connection with any claims or suits based on allegations that arise.
This Agreement shall be governed by and construed under the State of (state) laws.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.
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The purpose of an assignment of lease is to assign or transfer the rights and obligations of the tenant under the lease to another party ( also called the new tenant or a third party ).
The tenant may want to assign their lease for several reasons — such as wanting to move to another property before the end of the lease term or wanting to sublease the property to another tenant.
A Lease is a contract between a landlord and tenant in which the landlord agrees to let the tenant use their property or premises for a set period in return for regular payments.
An assignment occurs when the tenant transfers their entire interest in the property to a third party, who then takes on the obligations and rights of the tenant for the remainder of the lease term.
Upon the completion of the assignment, the original tenant no longer has any obligations or rights under the lease.
It depends. However, a lease can be assigned to another party in most cases. To confirm this, you should revisit your lease agreement to see if it contains any language that explicitly prohibits such an assignment. If there is no such provision, you can assign the lease to a third party with your landlord’s approval in a lease assignment agreement.
To fill out a lease assignment form, you need to mention the effective date on which the legal transfer of the lease will take place.
Next, basic information about the tenant, the assignee, and the property should be listed.
Terms, conditions, and affirmations of the assignment should also be specified, including any changes to the rent amount, lease length, and other pertinent information.
Prior approval or notice must be taken from the landlord too. Lastly, the agreement should be duly signed by all parties.
A lease assignment agreement is a contract between a tenant and a third party. By creating this document, the tenant can assign or transfer their interests and obligations in the lease to another party for the remaining lease period. It spells out the terms and conditions of the transfer and the responsibilities of the parties involved.
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