Lease Transfer Apartment. If you wish to move out and your apartment is in reasonable condition you may decide to assign your lease which means transferring all of your responsibilities to a new tenant who will take over the lease. The tenant lessee is the assignor of the lease and the proposed new tenant is the assignee.
Important apartment transfer considerations. A lease assignment agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another. Notice of lease assignment download the pdf.
If the new tenant fails to pay rent or damages the rental your landlord could look to you for compensation.
Lets clear the air once and all right now. An apartment lease transfer is a situation where another person takes over your lease after getting approval from your landlord. The fee is justified by the landlord or leasing company as a way to recover the costs of preparing the new apartment and having to set up the old apartment for rent. Under a typical lease assignment you transfer all of your space to someone else for the entire remaining term of the lease and the new tenant pays rent directly to the landlord.