sublet

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Assignment of Lease

The transfer of a lease by the lessee to another party. For example, if one rents an apartment, one might sell or give one's friend the right to live there (and the obligation to make payments). The assignor (the original lessee) remains bound by the lease contract if the assignee fails to make his/her obligations, unless the lessor states otherwise. Because of the potential complications, some lessors do not allow lessees to engage in assignment of lease.

sublet

See sublease.

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References in periodicals archive ?
He said he pays an annual rent of Dh75,000 and subletting fetches him a monthly income of around Dh6,500.
In March this year, the Ministry gave a 90-day notice to all resettled farmers who are subletting their farms to stop or face the consequences.
I would strongly advise you to consider very carefully whether you are prepared to consent to the proposed subletting.
According to Richard Siegler, a partner in the real estate department at law firm Stroock & Stroock & Lavan, boards "believe that subletting is inimitable to good values.
Tenancy cheats are people who live elsewhere and can earn thousands of pounds a year by unlawfully subletting their properties at higher rental rates.
Tenancy cheats live elsewhere and can earn thousands of pounds a year by unlawfully subletting their properties at higher rental rates.
In another situation, however, the landlord did allow subletting, as long as the company subletting was more than 50% owned by the principal of the original company.
This statement allows tenants to sublet at "market rent", even where the relevant lease states that subletting must be at the higher of either the market rent or passing rent.
This statement allows tenants to sublet at 'market rent' - even where the relevant lease states that subletting must be at the higher of either the market rent or passing rent.
While the assignment or subletting is usually subject to the owner's approval, customarily that approval cannot be unreasonably withheld.
Subletting The tenant could sublet all or part of the premises to someone else.