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Can a lease be assigned?

A lease assignment is when your landlord legally transfers your interest in an apartment lease over to another tenant who will live there in your place. They pay the rent directly to the landlord and are treated as the tenant in every other way.

What happens when you assign a lease?

When you assign a lease, you move out permanently and a new tenant moves in for the remainder of the lease term. An assignment of a lease differs from a sublet. With a sublet, the original tenant gives up an apartment temporarily. With an assignment, the original tenant gives up the apartment permanently.

What does it mean to assign a lease?

A lease assignment is when your landlord legally transfers your interest in an apartment lease over to another tenant who will live there in your place.

How long does it take to assign a lease?

If the landlord refuses or does not reply within seven days of the tenant's request, the tenant has two choices: end the lease or apply to the Board to approve the assignment. If the tenants want to end the lease, they have 30 days from the day the assignment request was made to give notice to the landlord.

Can someone take over an apartment lease?

If you're renting, there are many reasons why you might need to leave the property before the end of the lease. If you're currently leasing a property, and would like someone else to take over the lease, you can use a Lease Assignment, which lets you transfer responsibilities to another tenant.

How do I assign an apartment lease?

Assignments. If you want to move out of your rental permanently, but your landlord won't cancel your lease, find out if your landlord will allow you to assign your lease. An assignment is when you transfer all of your remaining interests in the lease to someone else, called the assignee (you're the assignor).

Can an assignee assign a lease?

Simply put, it is a transfer of an existing lease by the current tenant to a new tenant with the consent of the landlord. To begin with, there should be an existing lease between a landlord and tenant. And the Assignee. The Assignee is the crucial factor that makes Assignment work.

What is the difference between sublet and assign?

A sublet occurs when a tenant temporarily moves out and rents their unit to a subtenant until they return, whereas an assignment occurs when a tenant permanently moves out and transfers their agreement to a new tenant. To sublet or assign your tenancy agreement, you must have your landlord's written consent.

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