What does "assignment of lease" typically involve?

The "assignment of lease" typically involves transferring a tenant's rights and obligations to another party. In this process, the original tenant (the assignor) transfers their lease agreement to a new tenant (the assignee). This means that the assignee takes over the responsibilities outlined in the lease, including paying rent and adhering to any terms specified in the original lease agreement.

This is significant because the original tenant often remains liable to the landlord for the lease terms unless the lease agreement specifies that they are released from liability upon assignment. This concept is crucial for understanding tenant rights and responsibilities, as well as the legal implications of lease assignments in real estate transactions.

Other options, such as subleasing the property, renewing a lease agreement, or increasing the rent payment, do not accurately capture the essence of what an assignment of lease entails. Subleasing, for instance, involves the original tenant retaining their rights while allowing another party to occupy the space, which is distinctly different. Additionally, renewing a lease or increasing rent relates to amendments or modifications of the original lease rather than an assignment of the rights.