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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.
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The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.