What occurs during an assignment of a lease?

During an assignment of a lease, the lessee transfers all leased property rights to another person. This process allows the new party, often referred to as the assignee, to assume the responsibilities and benefits of the lease agreement just as the original lessee had. The original lessee typically remains responsible for the lease obligations, but the actual use of the property is transferred to the assignee. This means that the assignee can enjoy the leased property in accordance with the initial terms of the lease.

This concept is important in real estate and property management because it facilitates the continuation of occupancy or use of a property when the original lessee no longer wishes to fulfill the lease term. Understanding this mechanism helps in grasping the dynamics of leasing agreements and the rights associated with them.