Blog Post What you need to know about Sublease and Lease Assignment

What you need to know about Sublease and Lease Assignment
Sep

5

2014

What you need to know about Sublease and Lease Assignment

Some of us use the meaning of “apartment subletting” whenever we actually want to refer to “apartment lease assignment” and vice versa. However, these are two different concepts, it’s important that everyone understands their difference.
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 .
The person to whom you assign your lease is referred to as the “assignee.” Both you and the assignee remain responsible to the landlord for the obligations contained in the lease. As the original tenant, you can escape such responsibilities only if the landlord clearly releases you from them.
   

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