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 ?
Like assignment, you need to get written permission from your landlord to sublet.
He added that if rents were increased, the illegal sublet phenomenon would die out.
Colp-Haber says firms offer sublease space anywhere from 10 to 50% lower than market rates, forcing landlords to reduce asking prices in order to compete with the sublet space.
Consequently, the total amount of available space in sublets dropped 4% from 2001 in Fairfield county to 2.
Year-end 2000 closed with negative sublet absorption of 2 million SF of space, counterbalanced by over 1.
This market was hurt by a jump in sublet space from companies such as Deloitte & Touche, Shawrout, Value Behavioral Health and Aetna.
She sees boards under stress and spending many hours of discussion on sublets in order to find the best solution to serve the majority of shareholders.
Strong demand for direct space in Midtown South was offset somewhat by additional sublets put back on the market.
Does the Board consider sublets to be a necessary evil that it wishes to discourage and control, or as a potential benefit that merely will be aided by regulation?
In the past two years the level of cooperator sublets has increased by over 100 percent.
Under the new rules, sublets by former owners will not be counted as investor units for blanket loans.
With a glut of sublease supply on the market, sublet asking rents also experienced a decline, from $56.