For the golden rules on screening tenants and running credit checks, Click here for our guide to running tenant credit checks.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... as long as it stays within the boundaries drawn by the original lease agreement between the landlord and original tenant. This is rare and it almost never happens. Learn the differences between a lease assignment and sublease so you can make the right choice. However if you dig deeper, you will find that the differences are not just numerous, but important as well. As a verb sublease is to lease something that is already leased; to sublet. Subletting a rental unit can be a more involved process when compared to assigning a lease since it requires the completion of a sublease agreement between the original tenant (the "sublessor") and the secondary tenant (the "sublessee"). It's one of the top resources I recommend, because they're excellent at what they do. When a tenant gives another person the right to occupy a portion or the entire rental unit for a specific period of time, he is, in effect, subletting his rental unit. When it comes to subletting vs. assignment of lease, there’s often a massive mix-up. Difference between sub-leasing and assigning Business equals change. Assignment of Lease Definition of "Assignment of Lease" The Assignment of Lease is a title document (also referring to the process itself) whereby all rights that a lessee or tenant possesses over a property are transferred to another party. In either case, the original tenant will remain liable to the landlord for the lease obligations. The Difference Between Subleasing and Assignment . Considering the use of sublet vs sublease, you may be wondering if these terms mean the same thing, or if there are any significant differences … The difference between an assignment and a sublease is one of degree. The deed of sublease is for 99 years and subject to renew at expiration on the sub-lesssor's term which include renewal fee to be determined by the sub-lessor. The difference between subletting and assigning a commercial lease is whether the original tenant is still legally responsible under the lease. A sub-lease and an assignment of lease have some pretty important differences that you should be aware of. This is important if the new tenant defaults on the lease agreement or causes damage to the property. If there's no mention of lease assignments in your law text, then your rental lease agreement shall dictate the terms. A lease assignment agreement is a formal agreement transferring a tenant's rights and obligations to a new tenant. A sublease may be more appropriate if you: intend to downsize your business; wish to share part of the costs under your lease; or. What's the Difference Between an Assignment and a Sublet? However if you dig deeper, you will find that the differences are not just numerous, but important as well.Let's begin by dragging the landlord into the picture. Most of the time, landlords are given the right to allow or disallow assignments but once in a while, the local law let tenants have the final say instead. When it comes to subletting vs assignment of lease, there's often a massive mix-up. The original tenant has an unexpired lease agreement with the landlord and he wants out. Difference Between Lease Assignment & Lease Subletting. In the real estate market, you will sometimes hear the terms sublet and sublease in reference to a particular type of rental agreement. The OCA’s decision highlights the differences between an assignment of lease and a sublease. In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. Lease assignment and subleasing a rental unit––whether residential or commercial––can both help you make some extra money from your unused rental property. The difference between the two is a product of common law. A lease that is sublet still holds the original tenant responsible. But, there are some important differences to consider: Lease assignment. Both lease and sublease agreements usually have a fixed term, but a lease agreement usually has a longer term than a sublease agreement. according to land use act of 1978. If the lease is for ordinary office use, and the transferee intends to use the space for ordinary office uses, the landlord may not care what specific business the transferee is in. 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