Free Assignment and Assumption of Lease Agreement

A document that assigns a tenant’s interest in a lease to a third party in exchange for the third party’s assumption of the tenant’s obligations under the lease.

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Suppose you are a tenant that wishes to get out of your lease agreement. You could negotiate with the landlord to end the lease term early, but early termination is often accompanied by penalties. As an alternative to early termination, you may consider using an Assignment and Assumption of Lease Agreement.

Through an Assignment and Assumption of Lease Agreement, the rights and responsibilities under an existing lease are transferred to a substitute tenant. The agreement provides written record to ensure validity of the arrangement.

Frequently Asked Questions

The assignment of a lease is the transfer of all the rights and responsibilities associated with an active lease agreement from the original tenant (known as the assignor) to a substitute tenant (known as the assignee).

Assignment transfers the tenant’s entire interest in the lease to a new tenant for the remainder of the lease’s term. A sublease transfer part or all of the physical area of the premises to a new tenant, and may last for part or all of the remainder of the lease’s term.

A document that assigns a tenant’s interest in a lease to a third party in exchange for the third party’s assumption of the tenant’s obligations under the lease.

The assignment and assumption of lease agreement allows a third party to take your place under a lease. If you need to leave the leased property for any reason, you can use this to avoid penalties that would be incurred if you simply terminated the lease.

Before you attempt to assign your lease to another party, refer to the terms of your lease, as well as state and local laws, to determine the permissibility of assignment.

To create your assignment, provide:

  • Effective Date: Select the date that this agreement will be signed by the parties.
  • Assignor Details: The assignor is the party that originally entered into the Lease with the Lessor, but is assigning their interest to another party. Give the name and signing representative of the assignor.
  • Assignee Details: The assignee is the party that is assuming the position of the lessee from the original lease. Give the name and signing representative of the assignee.
  • Landlord Details: The landlord owns the leased premises and is a party to the original lease agreement.
    • The Landlord must consent to the assignment and assumption of the duties under this lease agreement. You can either do this in the assumption and assignment of the lease agreement or you can do it at a later time by using the Consent to Lease Assignment form.
  • Original Lease Information: Enter the date the original lease was signed. You will also attach the lease to the assignment and assumption.
  • Leased Premises: Give the physical address and square footage of the assignment.
  • Security Deposit: Specify whether a security deposit was made at the beginning of the lease term.
  • Discharge: Choose whether the assignor will remain liable for a default on the lease by the Assignee.

You do not need to file the lease assignment in court; however, you should retain a copy for your records in the event you need to show proof before a judge.

Our propriety form generator will assist you in creating your customized Assignment and Assumption of Lease Agreement within minutes. Answering the questions is not complicated – you only fill in the requested information and we will put it together for you.

Once you complete the questionnaire and place your order, it will be available for immediate download in either PDF or Word document from your secure online account including a step-by-step guide on how to use your document.  

Generally, the assignment and assumption does not need to be notarized – the signature of the parties makes it legally enforceable. An impartial witness may be helpful in the event the signature on the agreement is ever challenged, but a notary is not necessary.

Please Note: The use of a notary ensures that no one challenges any signatures later and is a secure way to firmly establish the effectiveness of your document.