Commercial Lease Assignment Form Free

A Lease Assignment Agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another. In other words, a Lease Assignment Agreement is used when the original tenant wants to get out of a lease and has someone lined up to take their place.

Within a Lease Assignment Agreement, there is not that much information included, except the basics: names and identifying information of the parties, assignment start date, name of landlord, etc. The reason these documents are not more robust is because the original lease is incorporated by reference, all the time. What this means is that all of the terms in the original lease are deemed to be included in the Lease Assignment Agreement.

A Lease Assignment Agreement is different than a Sublease Agreement because the entirety of the lease interest is being transferred in an assignment. 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.

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.

 

How to use this document

This Lease Assignment Agreement will help set forth all the required facts and obligations for a valid lease assignment. This essentially means one party (called the Assignor) will be transferring their rights and obligations as a tenant (including paying rent and living in the space) to another party (called the Assignee).

In this document, basic information is listed, such as old and new tenant names, the landlord's name, the address of the property, the dates of the lease, and the date of the assignment.

Information about whether or not the Assignor will still be liable in case the Assignee doesn't fulfill the required obligations is also included.

 

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. 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.

 

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats for free. You can modify it and reuse it.

Fill out the template - 100% FREE

Free Assignment of Lease Form

Is a new tenant to taking over your lease? Make it happen with our assignment of lease template here.

What You Should Know Before Using Our Free Lease Assignment Form

When we stamp our names on a lease agreement, everyone wants it to be a smooth sailing affair with a happy ending. Alas, things won't always turn out the way we want it - Businesses can go belly-up for a commercial lease... while family or work pressures may force a tenant out of a residential lease.

But all is not lost - You can still salvage your existing lease, and that's where our assignment of lease agreement steps into the picture. Instead of tearing up the lease agreement and having everyone up in arms, what can be done is to replace the original tenant with a brand new one for the remaining duration of the lease (while keeping the lease terms and conditions unchanged).

Now the tenant is often the one who wants out... but whether he or she is able to break free with a lease assignment agreement is another story. Thankfully, it takes just 2 steps to find out if you are allowed to assign your lease:

1. What does your local landlord tenant law have to say on the matter? Is the landlord's consent required for an assignment or does the tenant get to decide?

2. What if your local law doesn't even mention assignment of leases and rents? Then it's time to dig up your lease agreement because you'll have to go along with whatever that's written in it.

For more good advice on lease assignments and whether you are better off with an assignment vs a sublease, Click here for a complete assignment of lease guide.

*Make sure this form complies with your local real estate laws before using it. If you have any doubts, you can ask a real estate lawyer online.

Assignment of Lease

1. THE PARTIES:

Assignor Name: _________________________

Assignor Address:
___________________________________________________________________________

Assignee Name: _________________________

Assignee Address:
___________________________________________________________________________

2. THE PREMISES:

Street Address:
___________________________________________________________________________

Premises Description:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

3. THE LEASE:

On the _____ day of _______________, 20__, the Landlord _________________________ of address
___________________________________________________________________________
leased the Premises described above to the Assignor as tenant. (herein referred to as the "Lease" and a copy of which is attached hereto)

4. LEASE ASSIGNMENT:

For value received, the Assignor hereby assigns and transfers the Lease, together with all his/her rights, title and interest in and to the Lease and Premises to the Assignee, subject to the terms and conditions contained in the Lease.

The Assignor covenants that this interest is free from all encumbrances and that he/she has performed all duties and obligations under the terms and conditions of the Lease.

The Assignee agrees to pay all payments due after the effective date of this Assignment, and to assume and perform all duties and obligations under the terms and conditions of the Lease.

EXECUTED this _____ day of _______________, 20__.


Assignor Name: _________________________

Assignor Signature: _________________________

Date: _______________


Assignee Name: _________________________

Assignee Signature: _________________________

Date: _______________


CONSENT OF LANDLORD

The Landlord hereby consents to the above Assignment and releases the Assignor from all obligations and liabilities arising from the Lease after the effective date of this Assignment.


Landlord Name: _________________________

Landlord Signature: _________________________

Date: _______________

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