This agreement serves to assign one party’s interest in an existing lease to a third party, thereby typically (but not always) releasing the assigning party from any further liability thereunder. The Lease involved can be any type of lease, including residential, commercial, industrial, mineral, hunting and grazing leases. It is used by a seller who may be selling the property to a third party, subject to the ongoing lease, or by a tenant who has contracted for another party to step in and occupy the space. In preparing this agreement, careful consideration must be extended to issues related to release of liability, status of rents and any security deposits held by the assignor.
Documents to be prepared for you: “Follow-Through” Instructions, Assignment of Lease.