Assignment Of A Lease The Cinematic Essay

You will have more control over your new tenant (instead of leaving matters in the original tenant's hands and hoping that he would do a good job)...plus you still have the original tenant to cover your back in case anything goes wrong.Let's begin by dragging the landlord into the picture.An assignment of lease launches the new tenant into a direct relationship with the landlord - The landlord collects rent straight from the new tenant and deals with the new tenant directly on all lease issues.When you have a lease assignment, the terms and conditions of the lease remains largely unchanged - It's almost like taking the original lease agreement and swapping the tenant's name with another.With a sublease, there's more breathing space - The original tenant can decide how much rent to charge, how long the subtenant is going to stay or even collect security deposit...No matter which path you take, you will still want a good new tenant who pays the rent on time and follows the lease rules to the agreement.

If the landlord's consent is required for assignment (and he doesn't give the nod), you can always try offering him a lease assignment fee as a deal sweetener.Sometimes even real estate professional get it wrong by assuming them to be one and same thing.However if you dig deeper, you will find that the differences are not just numerous, but important as well.If there's no mention of lease assignments in your law text, then your rental lease agreement shall dictate the terms.When it comes to subletting vs assignment of lease, there's often a massive mix-up.Now here's the big catch: Even though the original tenant has handed over all his duties and obligations to the new tenant, he is not off the hook...unless the landlord agrees to release him from all liabilities.If the new tenant stirs up trouble, our dear original tenant will find himself in hot soup as well.Of course, whether the original tenant is allowed to pull this assignment trick out of his hat is a whole new matter.You are the Original Tenant - Now this is a tricky one.If you want to someone to take over the entire lease and property for its remaining duration (e.g.

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