WHY Contract law generally provides that a party holding an interest in an agreement may assign that interest to someone else, so long as the agreement does not prohibit the assignment. Even if assignment is prohibited, the assignment can still be made if the other party gives consent to the assignment.
Tenants frequently desire to assign their interest to someone else.
Often, the tenant wants to assign its leasehold interest to another party because it has found bigger or more suitable premises somewhere else. In these cases, if early termination of the lease agreement is not permitted, the tenant may assign its interest as an accommodation to the landlord and to relieve the burden of monthly lease payments. The LegalPoint Tenant's Assignment of Lease Agreement provides a written agreement for the assignment of the tenant's interest in the lease. Like any agreement involving an interest in real estate, an agreement assigning tenant's interest usually must be in writing to be enforceable. Assignment does not normally relieve the original tenant of its obligations in the lease.