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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.

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.

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).

What is meant by assignment of lease?

Definition of “Assignment of Lease” The Assignment of Lease is a title document (also referring to the process itself) whereby all rights that a lessee or tenant possesses over a property are transferred to another party.

Does a lease transfer on sale of property?

Fixed-term leases do not expire when a property is sold. The lease will transfer from the previous owner to you. Some leases have a clause that gives the landlord the right to terminate the lease in case of sale, typically with 30 days' notice.

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