Get Background Check Reports At Backgroundfinder - By: Lynne Staple

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Sometimes an existing tenant wishes to transfer his lease to a new tenant, usually one who was not selected by the landlord. The subject arises more often for commercial properties because they typically have multi-year leases and because a lease transfer is required when a tenant sells his business to another who wishes to retain the same location of operations. The issue is usually not as significant for a residential lease because, on average, a residential lease will usually have only a few months yet to run when the tenant decides he wishes to terminate his occupancy and the sale of a business is not an issue.

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Whether commercial or residential, there are basically two different ways to approach transfer of a lease. One is by subleasing, the other is by assignment. Each method has advantages and disadvantages and either can have pitfalls for the landlord without sufficient knowledge of the subject. While a detailed discussion of each is far beyond the limitations of this newsletter, the basics are as follows. Discoverer of the background is a tool to communicate the full facts that can make these people fast and furious. Maybe you are looking for the owner to run a criminal background check or record search on prospective tenants? Researcher is designed to run on the background of this type of inspections as well.

Assignment

For an assignment, the existing lease is transferred (assigned) to the new tenant (the assignee) by the existing tenant (the assignor). The new tenant becomes the landlord's tenant and the old tenant is out of the picture unless otherwise specified in the assignment agreement. For example, the agreement may require that the old tenant remain financially liable on the lease, at least until renewed or extended. An adequate assignment agreement is crucial to minimizing assignment transaction and post-assignment problems.

General

A good lease agreement will require that the landlord approve any potential subleasing or assignment. An inadequate lease might give the landlord absolutely no control or options. Many states will not allow a landlord to outright prohibit either or both methods of lease transfer, but a landlord can almost always have reasonable requirements for approval.

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