Assignment and Subletting

Assignment and subletting are two similar terms that essentially mean that either the landlord or the tenant is replacing themselves with a new party to the matter. Sometimes there is a legal right to do this, sometimes not – a better contract will usually indicate that the landlord has the right to transfer the contract to a new landlord without asking, while the tenant must obtain written agreement. While this seems one sided, in a way, it makes sense. The tenant has a right to lease the space, and to keep that lease even if the landlord sells the premises or a new landlord manages the premises. The tenant still has the right to the lease. However, tenants are often screened carefully for ability to pay and desirability. Therefore, a new tenant coming in without the landlord’s ability to review could result in a less financially secure tenant.