What does it mean if a tenant is granted a lease assignment?

When a tenant is granted a lease assignment, it means that the tenant's rights and obligations under the lease are being transferred to another party. In this situation, the original tenant (the assignor) effectively hands over the lease to someone else (the assignee), who then takes on the responsibility for fulfilling the terms of the lease, including paying rent and adhering to any specific conditions outlined in the agreement. This can be a strategic option for tenants who may need to move or cannot fulfill the lease's requirements for any reason, allowing others to benefit from occupying the property under the same lease terms without having to negotiate a new lease with the landlord.

In contrast, subletting involves renting out the property while still retaining some level of control over the original lease, which is different from a full assignment. Selling the property changes ownership entirely and is not related to lease assignments. Renewing a lease is a separate action to extend the duration of the lease agreement and does not involve transferring rights to another party. Thus, the correct understanding of what a lease assignment entails focuses on the transfer of rights and obligations.