An Assignment Of Residential Lease is utilized when a tenant needs to permanently transfer their lease obligations to another party before the lease term expires. This document, commonly used in U.S. residential property law, ensures a smooth transition of tenancy while protecting the rights of all parties involved. It includes crucial details such as the original lease terms, security deposit arrangements, and specific responsibilities of each party. The assignment requires explicit landlord approval and typically maintains all original lease conditions while establishing the new tenant as the primary responsible party.
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1. Parties: Identification of assignor (original tenant), assignee (new tenant), and landlord
2. Background: Details of original lease and reason for assignment
3. Definitions: Key terms used in the agreement including 'Original Lease', 'Premises', 'Assignment Date', etc.
4. Assignment and Assumption: Core terms of the assignment and assumption of lease obligations
5. Effective Date: When the assignment takes effect
6. Consent of Landlord: Landlord's formal approval of the assignment
7. Governing Law: Specification of the state law governing the assignment
8. Execution: Signature blocks for all parties
1. Security Deposit Transfer: Terms for transferring security deposit between original tenant and new tenant
2. Rent Proration: Details of rent splitting when assignment occurs mid-month
3. Condition of Premises: Current state of property and any existing damage or wear
4. Release of Liability: Terms releasing original tenant from future obligations, if agreed by landlord
5. Utilities and Services: Transfer of utility accounts and services to new tenant
1. Schedule A - Original Lease Agreement: Complete copy of the original lease being assigned
2. Schedule B - Property Inventory: List of furniture, fixtures, and appliances if included in assignment
3. Schedule C - Condition Report: Detailed documentation of property condition at time of assignment
4. Schedule D - Landlord Consent Form: Written consent from landlord if provided as separate document
5. Schedule E - Security Deposit Receipt: Documentation of security deposit transfer between parties
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