Real Estate Glossary | What is Assignment/Subletting??

Q: What is Assignment/Subletting?

Assignment/subletting refers to the process of transferring the rights and responsibilities of a lease or rental agreement from one tenant to another. In an assignment, the original tenant transfers all of their rights and responsibilities under the lease to a new tenant, and the new tenant becomes the primary tenant. In a sublet, the original tenant retains the rights and responsibilities under the lease, but allows a new tenant to occupy the property and pay rent to the original tenant.

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