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.
   

Related Posts

  • 76
    As stressed out as you are at this point, there are actually legitimate ways on how to get out of lease if you just continue following the advice listed below. Ok, so you've lived in your apartment for one year and now you've received a renewal notice from your landlord…
    Tags: lease, landlord
  • 69
    Hundreds of students all over the country happily cosign for their son or daughter to live in an off-campus apartment housing.  Parents always want their child to have the best and closest location to college, so that they will not be experiencing any inconvenience while they concentrate on their studies. When…
    Tags: lease, apartment, tenant, sublet
  • 68
    Many people including some Realtors are using terms assignment of lease and sublease very interchangeably.  Some folks assume it's the same thing, but in reality they are different.  How so? Let me explain. If you are the existing tenant and you want to be out of your current lease, then…
    Tags: tenant, lease, assignment, apartment, landlord

Comments are closed.