Q&A

Question: What is an assignment?

An assignment of a lease is simply the transferral of the existing tenant (the assignor)’s property interest (the lease) to a new tenant (the assignee).

This might happen when the existing tenant wishes to leave the property and terminate his lease before the date originally specified in the lease agreement. The landlord’s consent must be obtained before completing an assignment. The assignor may still be liable under the original lease agreement unless expressly released from liability by the landlord.