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.