Assignment and Assumption of Lease Agreement

As the tenant of a commercial or residential property, if for any reason you would like to get out of your lease agreement, you can attempt to assign the lease agreement to another party, for which you will use an Assignment and Assumption of Lease Agreement.

Of course, to go through with it without a hitch, the lease agreement will have to allow a subsequent assignment, or you must obtain the landlord's consent.

What Is an Assignment and Assumption of Lease Agreement?

The Assignment and Assumption of Lease Agreement officially transfer all rights and responsibilities as dictated in the lease agreement from one tenant (usually the original tenant) to another. It's one way to get out of a lease agreement that may satisfy the needs of all parties concerned.

As the current tenant, if you can find an appropriate new tenant to assign the lease, the landlord is less likely to refuse in light of the promise of continued cash flow vis-à-vis an interruption that would ensue if they are to look for a new tenant afresh.

Other Names for Assignment and Assumption of Lease Agreement

Depending on your state, an Assignment and Assumption of Lease Agreement may also be known as:

• Assignment of Lease Form
• A Lease Assignment Agreement
• Assignment Agreement for Lease
• Assignment of Lease
• Lease Transfer

Who Needs an Assignment and Assumption of Lease Agreement?

The Assignment and Assumption of Lease Agreement is just what a tenant needs if they would like to get out of a lease agreement early. This assumes the tenant can find a subsequent replacement to assign the lease to and convince the landlord to go along with it.

Why Use Swyft Forms for Your Assignment and Assumption of Lease Agreement?

Customized for you, by you

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Assignment and Assumption of Lease Agreement.

Specific to Your Jurisdiction

Laws vary by location. Each document on Swyft Forms is customized for your state.

How to Create an Assignment and Assumption of Lease Agreement with Swyft Forms?

Your Assignment and Assumption of Lease Agreement ought to transfer all rights and liabilities to the subsequent tenant.

Let Swyft Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Assignment and Assumption of Lease Agreement?

To create your document, please provide:

• Assignor Information: The legal name and the current tenant's contact information who is assigning the lease to the assignee.
• Assignee Information: The new tenant's legal name and contact information are getting assigned and assuming the lease from the assignor.
• Landlord Information: The legal name and contact information of the landlord.
• Location of the Property: The address and formal description of the property.
• Deposit: Specify the amount if a security deposit is required.
• Dates: The date of the original lease and that of the assignment.
• Liabilities: A clause releasing the assignor from future liabilities.
• Signatures: All three parties are to sign the agreement.

Assignment and Assumption of Lease Agreement Terms

• Assignor: In the context of an Assignment and Assumption of Lease Agreement, the current tenant is the assignor who is assigning their lease agreement (opposite the same landlord) to a new tenant or assignee.
• Assignee: In the context of an Assignment and Assumption of Lease Agreement, the new tenant is the assignee with a lease agreement opposite the landlord of the property of concern.
• Notice of Eviction: A mandatory message sent by a landlord to a tenant before a family court would entertain an eviction proceeding.
• Governing Law: A clause specifying the state's law that would apply for contract enforcement purposes.
• Severability: The quality of a document, such as an agreement or a lawmakers' bill, being valid even when some parts or provisions are struck out (valid without the severed parts or requirements).
• Encumbrance: All claims on a property, such as liens, from someone other than the owner
• Liability: The quality of being liable, financially or otherwise.

Assignment and Assumption of Lease Agreement Signing Requirements

The assignor and the assignee must sign the Assignment and Assumption of Lease Agreement in addition to the landlord. Notarization is not required, and like the original lease, it does not have to be filed with any authority.

What to Do with Your Assignment and Assumption of Lease Agreement?

After creating your Assignment and Assumption of Lease Agreement on Swyft Forms, you should download and print a copy and get all parties involved to sign the document, after which it is recommended to distribute a physical copy of the document to all.