An assignment of residential lease refers to a document created by the original tenant of a property who assigns his rights to the house to another individual called the sub-tenant, for a specific period. The main liability continues to remain with the original tenant unless the landlord formally mentions it. The sub-tenant needs to follow all the terms and conditions mentioned in the original lease and should maintain the house properly. He holds all the rights to the property for the remaining term of the original lease agreement. The names of the parties involved along with the date of creation of the assignment contract must be clearly mentioned.
Sample Assignment of Residential Lease:
Property details: 922 Cross Avenue, Ohio
Name of Landlord/Owner: William Adams
Name of Assignor/Tenant: George Jones
Name of Assignee/Sub-tenant: Gary Richards
This assignment of residential lease is dated March 13, 2012 between the Assignor and the Assignee, whereby the Assignee has agreed to lease the property from the Assignor and also agrees to all the terms and conditions mentioned in the original lease agreement created between the Assignor or Tenant and the Landlord of the property.
Terms and Conditions:
- The Assignee shall pay $900, besides utility bills, to the Assignor and return shall get all the rights to the property mentioned above
- The Assignee can use the property for 4 months starting today, which refers to the remaining lease term of the original contract between the Assignor and the Landlord
The undersigned hereby agree to the terms.
Signature (Assignor) Date
Signature (Assignee) Date
Signature (Landlord) Date