What is a Lease Transfer

By | December 17, 2011

A lease transfer is a legal measure which is championed to legally make an individual eligible for the post of a lessee. Thus there are three parties associated with the lease in this context, the lessor who leases out the property, the former lessee who was initially bounded by law to carry out the lessee’s responsibilities and the new lessee who is granted the right to be the lessee and enjoy the property.

It is a complex situation wherein the parties have to make legal arrangements for settlement of the situation. The situation usually precipitates from inability and failure of the former lessee to execute the operations required under the lease. It is then that a lease transfer is made to someone who is able and in a position to respect the lease obligations sincerely.

The following are the key doctrines of a lease transfer document and must be presented systematically:

  • The introductory paragraph should advocate the purpose of the lease transfer and state the exact grounds of the act which may be due to job transfer or likewise.
  • The date of transfer has to be given besides the name and address of the new lessee vis-à-vis the name and address of the original lessee. This forms the crux of the agreement.
  • The document must be framed in a manner such that the legal obligations and responsibilities of the new lessee are outlined in technical terms and the concerned person agrees to them willingly by corroborating with full signature.
  • The original lease document should be submitted along with the lease transfer document to validate the process more significantly and keep the original dictum clear and accessible.
  • Payment coverage plans has to be mentioned here affirming if the security deposit is returned to the former lessee or continued into the lease transfer.

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