The legal mechanisms by which a tenant transfers lease obligations or physical space to a third party. An assignment transfers the entire lease; a sublet allows the original tenant to rent out a portion of the space.
In a formal assignment, the new tenant (assignee) takes over the landlord relationship directly, though the original tenant usually remains liable as a guarantor unless released in writing. In a sublease, the original tenant acts as a sub-landlord and stays fully responsible for paying the master landlord. Most leases restrict transfers, requiring prior written consent that "shall not be unreasonably withheld." Watch for "recapture rights" -- clauses letting the landlord terminate the lease entirely rather than approve the requested transfer.
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