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Contract Assignment Letter Template

Free Notice of Assignment of Contract

This Notice of Assignment of Contract will serve as official notice that all rights and interests under a certain contract have been permanently assigned to another. This Notice of Assignment also sets out the parties to the contract and the date of assignment.

Disclaimer:This was not drafted by an attorney & should not be used as a legal document.




Notice of Assignment of Contract

Date: ______________, 20 ____

To: _______________________
__________________________
Re: Assignment of Contract
Dear __________________________,
Please be advised that as of ____________________, 20 ______, all interest and rights under certain contract dated __________________________ entered into between _______________________, of _______________________________________ and ________________________of _______________________________________, will be permanently assigned to ________________________________,of __________________________________________.
Please be advised that because of the proposed assignment all of the obligations and rights of the former party to this contract are now the responsibility of the new party to this contract.
_____________________________
Signature

_____________________________
Printed Name

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A Lease Assignment Agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another. In other words, a Lease Assignment Agreement is used when the original tenant wants to get out of a lease and has someone lined up to take their place.

Within a Lease Assignment Agreement, there is not that much information included, except the basics: names and identifying information of the parties, assignment start date, name of landlord, etc. The reason these documents are not more robust is because the original lease is incorporated by reference, all the time. What this means is that all of the terms in the original lease are deemed to be included in the Lease Assignment Agreement.

A Lease Assignment Agreement is different than a Sublease Agreement because the entirety of the lease interest is being transferred in an assignment. With a sublease, the original tenant is still liable for everything, and the sublease may be made for less than the entire property interest. A Lease Assignment transfers the whole interest and puts the new tenant in place of the old one.

The one major thing to be aware of with a Lease Assignment Agreement is that in most situations, the lease will require a landlord's explicit consent for an assignment. The parties should, therefore, be sure the landlord agrees to an assignment before filling out this document.

 

How to use this document

This Lease Assignment Agreement will help set forth all the required facts and obligations for a valid lease assignment. This essentially means one party (called the Assignor) will be transferring their rights and obligations as a tenant (including paying rent and living in the space) to another party (called the Assignee).

In this document, basic information is listed, such as old and new tenant names, the landlord's name, the address of the property, the dates of the lease, and the date of the assignment.

Information about whether or not the Assignor will still be liable in case the Assignee doesn't fulfill the required obligations is also included.

 

Applicable law

Lease Agreements in the United States are generally subject to the laws of the individual state and therefore, so are Lease Assignment Agreements.

The Environmental Protection Agency governs the disclosure of lead-based paint warnings in all rentals in the States. If a lead-based paint disclosure has not been included in the lease, it must be included in the assignment. Distinct from that, however, required disclosures and lease terms will be based on the laws of the state, and sometimes county, where the property is located.

 

How to modify the template

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At the end, you receive it in Word and PDF formats for free. You can modify it and reuse it.

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