As the tenant of a commercial or residential property, if for any reason you would like to get out of your lease agreement, you can attempt to assign the lease agreement to another party, for which you will use an Assignment and Assumption of Lease Agreement.
Of course, to go through with it without a hitch, the lease agreement will have to allow a subsequent assignment, or you must obtain the landlord's consent.
The Assignment and Assumption of Lease Agreement officially transfer all rights and responsibilities as dictated in the lease agreement from one tenant (usually the original tenant) to another. It's one way to get out of a lease agreement that may satisfy the needs of all parties concerned.
As the current tenant, if you can find an appropriate new tenant to assign the lease, the landlord is less likely to refuse in light of the promise of continued cash flow vis-à-vis an interruption that would ensue if they are to look for a new tenant afresh.
Depending on your state, an Assignment and Assumption of Lease Agreement may also be known as:
The Assignment and Assumption of Lease Agreement is just what a tenant needs if they would like to get out of a lease agreement early. This assumes the tenant can find a subsequent replacement to assign the lease to and convince the landlord to go along with it.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Assignment and Assumption of Lease Agreement.
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All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
Your Assignment and Assumption of Lease Agreement ought to transfer all rights and liabilities to the subsequent tenant.
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The assignor and the assignee must sign the Assignment and Assumption of Lease Agreement in addition to the landlord. Notarization is not required, and like the original lease, it does not have to be filed with any authority.
After creating your Assignment and Assumption of Lease Agreement on 360 Legal Forms, you should download and print a copy and get all parties involved to sign the document, after which it is recommended to distribute a physical copy of the document to all.
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