Assignment

What does assignment mean in terms of a lease? How is it different from subletting?
Thanks.

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by keeshy2:
What does assignment mean in terms of a lease? How is it different from subletting?
Thanks.<HR></BLOCKQUOTE>

Think of it as a matter of responsibilities and positions in a residential L/T lease.

You are the tenant and want to sublet. You remain in the the original tenant position but you directly (instead of the landlord) lease out the place to another tenant. If the subtenant does not pay, you are still responsible.

On an assignment, you assign your rights and interest in the lease to another person such that the person steps in your shoes. As long as the landlord approves of the asignment, you have no further interest and responibility.

Thanks for your reply.
Another question: what type of document would we have to sign and who signs it? What does an assignment look like on paper? Reason I ask is that my lease through 5/31/01 allows me to have 2 dogs and the people who want the place also have a dog. We want to make sure they can have their dog.

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by keeshy2:
Thanks for your reply.
Another question: what type of document would we have to sign and who signs it? What does an assignment look like on paper? Reason I ask is that my lease through 5/31/01 allows me to have 2 dogs and the people who want the place also have a dog. We want to make sure they can have their dog.<HR></BLOCKQUOTE>

You need to get the landlords' permission to assign or sublet so do not think that you can circumvent approval by this assignment scheme. Just have the landlord agree to terminate your lease and write up a new one with the new tenants. Assignments are used in residential and commercial real estate sales transactions involving ground and commercial leases. It is rarely used for residential L/T leases.