What is Assignment Of Sublease? smartbusinessbox.in/assignment-of-sublease
Assignment Of Sublease
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DOWNLOAD NOW A tenant who not having completed the rental tenure wants to lease out the property to a third person is called an assignment of a sublease. The assignment is different from a sublease in the sense that in sublease the tenant also continues with the rental duration whereas in assignment a tenant permanently moves out. The assignment can be done for a physical part of the property or for a particular duration of the tenancy. In either case, subletting or assignment the consent of the landlord’s written consent is important before assigning the sublease. When a tenant assigns a subtenant, the subtenant draws all the rights and responsibilities of the contract. The tenant then is free of all obligations and can move out. Albeit, the tenant remains as a primary tenant on the main rental agreement drawn. If a subtenant defaults under the sub-lease the sublease is attached to the master lease agreement and brings in the same legal implications.
Why Use Assignment Of Sublease? Assignment to sublease gives a clear indication on the rights and obligations of the parties involved. This helps maintain a clear code of conduct.
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