Both lease and sublease agreements usually have a fixed term, but a lease agreement usually has a longer term than a sublease agreement. However, the tenant enters into a subordinate lease (the sublease) with a subtenant regarding a portion, or all, of the leased space. Assumption is like an Assignment except the seller is released from all liability under the terms of the lease. The deed of assignment does not state any renewal except that the C of O is 99yrs that can … We'll take care of the rest. Another important difference between a sub-lease and assignment relates to the fact that normally the sub lease will be contracted outside of the ‘Landlord and Tenant Act 1954’, which removes the ‘security of tenure’ provisions from the sublease. A sublet is a lease held from a lessor who has a superior landlord. Assignment of a Contract The deed of assignment does not state any renewal except that the C of O is 99yrs that can be renewed with govt. according to land use act of 1978. Assignment of Lease Versus Subletting. NY: (646) 820-3013 VA: (703) 740-1766 WWW.RECDC.COM DC MD VA NY DC: (202) 577-3352 MD: … The suffixes of each word, “let” and “lease,” both mean to rent out a property (although that use of let – a verb with several meanings – is more common in British English). However if you dig deeper, you will find that the differences are not just numerous, but important as well.Let's begin by dragging the landlord into the picture. The deed of sublease is for 99 years and subject to renew at expiration on the sub-lesssor's term which include renewal fee to be determined by the sub-lessor. A. You won't be at the mercy of the original tenant (for example if he screws up and the landlord terminates the original lease agreement, your sublease might also go up in flames).But if you only want to rent part of the property... or don't want to tie yourself down for the remaining lease duration, then you are better off sticking to a sublease.Now that we have covered the topic of assignment vs sublease, go ahead and take your pick - Click here for an assignment of lease form or Click here for a sublet agreement instead., 3 Methods of Resolving Landlord Tenant Disputes, Federal Fair Housing Act - Avoiding Discrimination, Security Deposit Laws for All U.S. States, U.S. State Laws on the Return of Security Deposit, Sublet Laws - Subletting Laws for All U.S States, Assignment of Lease and How it Differs from Subletting, What to Look for When Hiring a Real Estate Attorney. Additionally, different kinds of leases have different sensitivities to the transferee’s use. So in this case, the original tenant gets to take back seat and doesn't have to manage the new tenant actively.On the other hand, there's no direct relationship between the landlord and new tenant (subtenant) in a sublease. They both refer to the passing on of leased property from one lessee to another. Sometimes even real estate professional get it wrong by assuming them to be one and same thing. In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. DISTINCTION BETWEEN SUBLEASE AND ASSIGNMENT. Lease assignment and subleasing a rental unit––whether residential or commercial––can both help you make some extra money from your unused rental property. Which contract provision allows for the transfer of the contract to another person? You are the Landlord - A lease assignment is recommended in most cases. 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