The lease agreement will specify whether any assignment or subletting is allowed and under what circumstances. In many cases, the tenant retains some or all of their liability for payment of rents and responsibility for damage to the property.
Elements of Real Estate Lease Agreements
By James Kimmons, About.com
If the tenant assigns their lease, it usually means that they've transferred all of their leasehold interests to the other party. In a sublease, the original tenant is re-leasing the property to another, with some of their interests transferred.
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- Possession of the Property
- How the Tenant Can Use the Property
- What is the Term of the Lease?
- The Security Deposit
- Improvements to the Leased Property
- Maintenance of the Leased Property
- Assignment or Sublease of the Leased Property
- Options for the Tenant in the Real Estate Lease
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