Assignment of Lease Agreement

You can feasibly use a lease assignment whenever you are leasing a property. Be it an assignment of a real estate lease,an automobile lease or anything else, you can generally assign the rights and duties under the lease to a third party in almost any circumstance. You may or may not have to first get the lessor’s permission before entering into an assignment of lease agreement, but that depends upon the terms of the underlying lease.

As with any business agreement, to ensure there are no misunderstandings, you are best advised to have your assignment of lease agreement in writing. The agreement should refer to the terms of the original lease, as well as state what each party will or will not be responsible for under the terms of the assignment. For example, you may enter into contract of assignment where by the new party “the assignee” agrees to do everything required by the tenant under the original lease, except pay the rent. The original tenant “the assignor” might agree to pay the rent and accept a smaller (or even larger) payment from the assignee.

WHAT DO I NEED TO KNOW BEFORE I ENTER INTO A LEASE ASSIGNMENT? At a minimum, you’ll need to know the terms of the original lease, including the length of the lease, any legal regulations regarding the assignment and the new terms. You’ll also want to make sure each party reads the Assignment, completely understands their obligations and signs it.

Assigning real-estate or property leases to other people can be a very effective tool in the right situation. Whether you want to relocate your business, travel the world, or simply don’t want the responsibility under the lease any longer, you can use lease assignments to your benefit. A well-crafted Assignment of Lease Agreement will spell out each parties duties and shield you from potential liability.

Assignment of Lease Agreement for each Australian State Available – Immediate Download