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Lease Assignment: The incoming tenant would be “assigned” your current lease.
Whatever the reason, tenants can transfer their lease interests to new parties by completing an assignment of the lease.
An assignment is the transfer of one party’s entire interest in and obligations under a lease to another party.
With a sublease, the original tenant is still liable for everything, and the sublease may be made for less than the entire property interest.
A Lease Assignment transfers the whole interest and puts the new tenant in place of the old one.
Leasebreak: If your landlord prefers you to end your lease early (essentially “breaking your lease”) then your relationship would end with your landlord, and the new tenant would sign a brand new lease , usually for at least 12 months.
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On Leasebreak.com, tenant, agents, and landlords post sublets, lease assignments, and “lease breaks”.The one major thing to be aware of with a Lease Assignment Agreement is that in most situations, the lease will require a landlord's explicit consent for an assignment.The parties should, therefore, be sure the landlord agrees to an assignment before filling out this document.Applicable law Lease Agreements in the United States are generally subject to the laws of the individual state and therefore, so are Lease Assignment Agreements.The Environmental Protection Agency governs the disclosure of lead-based paint warnings in all rentals in the States.You will then need to know from your landlord if he or she would prefer you to find someone to “sublet” your place, or would the landlord prefer you find someone to “assign” the remaining portion of your lease to.Here are the definitions: Sublet: The incoming tenant will be your “subtenant” and will pay the rent to you.If a lead-based paint disclosure has not been included in the lease, it must be included in the assignment.Distinct from that, however, required disclosures and lease terms will be based on the laws of the state, and sometimes county, where the property is located. The document is created before your eyes as you respond to the questions.Does your landlord prefer the new tenant to finish out the remaining term of your lease or does the landlord prefer you to end your lease and find a new tenant to start a brand new lease.If the landlord would prefer the new tenant to finish out the term on your lease , then you will need to find a short term renter assuming your remaining lease term is less than 12 months, which it usually is.