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 ?
And two things are going to make it very likely that the sublease won't comply with the new statute: The subletting tenant will have no warning in the sublet law that leases need to have any particular language; the sublet-wanting tenant probably has no access to the maintenance history of the sprinkler system and no way to demand it.
"I know subletting is not legal, but I am not the only one doing it.
The ministry said it will issue notices to all farmers found guilty of subletting. They will receive deadlines to remove sub-lessees and the Land Reform Advisory Commission may recommend that the minister withdraw farming units of beneficiaries who continue this offence after the expiry date.
'It It is far more common for the lease to permit subletting of the whole premises with the landlord's consent.
"Although subletting is financially feasible, there are tremendous risks involved, especially in the event of an accident or fire," Al-Rouqi said, adding that people who sublet their buildings risk severe punishment if caught.
Subletting of the whole property however, is a different matter and this is not permitted without the required formal approvals and subletting agreements in place.
A COUNCIL clamping down on illegal subletting is asking people to identify culprits, in confidence.
"And why is it so easy to get away with subletting your council house at market rent and simply pocketing up to a thousand pounds a week at taxpayers' expense?
Specifically, many in rented premises would like to reduce the space they occupy by subletting surplus factory or office space.
"I would urge all leaseholders who are or are thinking of subletting to download a copy from www.arma.org.uk"
"I think it sold so quickly because it was a sponsor sale in a co-op, so subletting right away was allowed," said Havlioglu.
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." He explained that short-term residents are not considered to have the same vested interest in maintaining a building as owners.