A lease assumption agreement is a legal document that allows a person to take over a lease from the current tenant and outlines the terms and conditions of the transfer. It also ensures that the landlord knows and consents to transfer the lease. This lease assumption agreement template can be customized to fit your specific needs.
This Lease Assumption Agreement ("Agreement") is made and entered into on [Document.CreatedDate] by and between [Assignor.FirstName] [Assignor.LastName] , the current tenant under the Lease Agreement ("Assignor"), and [Assignee.FirstName] [Assignee.LastName] , the party assuming the Lease Agreement ("Assignee").
The Assignor is currently a tenant under a Lease Agreement for the property located at (Property.Address) ("Property"). The Assignor desires to transfer its rights and obligations under the Lease Agreement to the Assignee, and the Assignee desires to assume such rights and obligations.
You may include a copy of the original lease agreement to allow all parties involved to reference the terms and conditions of the original agreement. The original lease is the agreement signed between the landlord and the original tenant, also known as the “assignor.” In addition, attaching the original lease can ensure that the terms of the lease assumption agreement are consistent with the original lease terms.
The Assignee hereby assumes all rights and obligations of the Assignor under the Lease Agreement, effective as of (date). The Assignee shall be responsible for all payments due under the Lease Agreement from the effective date forward.
The Assignee hereby releases the Assignor from any and all liability for breaches of the Lease Agreement occurring on or after the effective date of this Agreement.
Include the landlord’s consent in your lease assumption agreement, as this shows the landlord has agreed to transfer the lease to the assignee. If you print the agreement, you can attach the written consent as an exhibit. If you sign it electronically, you can include the written consent as a separate file attached to the agreement.
The Assignee represents and warrants that it has obtained the written consent of the landlord under the original lease agreement to the assignment of the Lease Agreement to the Assignee. A copy of such consent is attached as Exhibit A.
This Lease shall be governed by and construed in accordance with the laws of the State of [Assignor.State] .
This Agreement constitutes the entire agreement between the Parties and supersedes any prior understandings or agreements, whether written or oral.
IN WITNESS WHEREOF, the parties have indicated their agreement to be bound by the terms and conditions of this Agreement by affixing their signatures below on the dates shown.
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To write a lease assumption agreement, you need to identify the parties, describe the property, and set out the terms of the assumption. The current tenant and the party taking over the lease should sign and date the agreement to make it legally binding. It is also recommended to include a copy of the original lease agreement. Or, use PandaDoc’s Lease Assumption Agreement template to easily create a legally binding agreement in minutes.
A lease assumption agreement is a legal document that allows one party (the “assignee”) to take over the responsibilities and obligations of another party (the “assignor”) under a lease agreement. The assignor remains liable for any breach of the lease agreement by the assignee.
A Lease Assumption Agreement should include the following information:
To assign a lease in a different state, you will need to notify your landlord or property manager in writing of your intention to assign the lease to a new tenant. You may also need to obtain the consent of the landlord or property manager before the assignment can be completed.
Additionally, you may need to have the new tenant fill out an application and undergo a credit check. It is recommended that you consult with a lawyer or real estate professional in the state where the property is located to ensure that you are following all necessary legal requirements.
An assignment and assumption of the lease is a legal document that allows one party (the “assignor”) to transfer its rights and obligations under a lease agreement to another party (the “assignee”). The assignee assumes all of the rights and obligations of the assignor under the lease agreement and becomes the new tenant. The assignor remains liable for any breach of the lease agreement by the assignee.
An assignment and assumption of the lease are typically used when the assignor no longer wishes to be a party to the lease agreement and wants to transfer its rights and obligations to another party. The assignee must typically obtain the consent of the landlord to the assignment and assumption of the lease.
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