What does "lease assignment" entail?

"Lease assignment" specifically refers to the process of transferring the entire interest of a lease from one party to another. This means that the original tenant (the assignor) passes on all of their rights and obligations under the lease to a new tenant (the assignee). The assignee then becomes the tenant and is responsible for adhering to the terms of the original lease agreement, while the assignor remains liable to the lessor unless the lessor releases them from their obligations.

The concept of transferring the entire interest distinguishes lease assignment from other related concepts. For instance, if only a partial interest of a lease were transferred, it would not qualify as an assignment in the traditional sense. A new lease agreement would also differ since it would involve negotiating different terms rather than adhering to the existing lease's provisions. Similarly, ending a lease and starting a new one involves a completely different legal transaction rather than an assignment of interests.