meaning of assignment of lease

assignment of lease meaning in Law Dictionary

When a tenant signals their legal rights to another tenant of a leased residential property. The first tenant accounts for the contract unless a landlord releases them.

assignment of lease meaning in Business Dictionary

Transfer by the initial tenant (the assignor) of his / her liberties to a sub-tenant (the assignee) to make use of the leased home. However, the assignor stays liable in original lease contract unless expressly released because of the landlord.