How To Use
This to-do list is provided to help you to complete the Landlord’s Consent to Assignment and to ensure that the necessary steps are taken to make it binding as well as to inform you as to the continued liabilities of the assignor.
- The Landlord’s Consent to Assignment is used when a landlord agrees to the assignment of the tenant’s interest in the lease to a new tenant. This assignment, however, does not release the Assignor from payment responsibilities. Rarely will a landlord let an assignor “off the hook” for rent due from a new tenant. Therefore, the Assignor must set up a separate agreement with the Assignee to get paid.
- A promissory note is best, with the provision of offset for all payments made under the lease. This step can be done expeditiously with the other documents being signed. If not done, the Assignor may have to chase the Assignee for the money, on a less well-documented basis, at a later date.
- The best solution for the Assignor, as a rule, is to get the Assignee to take over a new lease and cancel the old lease, unless, of course, the Assignor is getting a premium for rerenting the leased space to him or her.
- The document need only be signed by the Landlord. However, it is in the best interests of the parties to have all three parties to the Consent sign the document to indicate their agreement to the terms and conditions. Sign in multiple copies of at least 3 so everyone has an original copy.