Lesson 1 – Assignment

 

Assignment- An assignment is a transfer by the tenants of an entire interest in the lease without any “material” alteration or addition to the terms of the
lease and without tenant retaining any reversionary interest in the
lease.

In an assignment, the landlord and the assignee have privity of contract
and privity of estate, which means the landlord can enforce terms of lease
against assignee.

Caution: original tenant may still be sued, however, if new tenant defaults,
depends on lease.

 

Lesson 1 – Assignment