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A tenant can make a written request at any time to assign their tenancy to someone else. The request should include the contact details of the person being proposed to take over the tenancy. Alternatively, the landlord can find a replacement tenant, although they don't have to do this if they don't want to.

A commercial lease assignment happens when a tenant transfers all of the rights to a lease to someone else but remains liable for rent payments to the landlord.

Assignment provisions in commercial leases are heavily negotiated and very important to both landlords and tenants. When a tenant's interest in a lease is assigned, the tenant is transferring its entire leasehold interest and 100% of the leased premises to a third party for the entire remaining term of the lease.

Does a Lease have to be notarized in North Carolina? No. To be legally binding, a North Carolina Lease Agreement just needs to be signed by both parties. This means as long as the Landlord, or Lessor, and Tenant, or Lessee, have signed it, it is fully executed and legally binding.

Assignments of Business Leases It is open to a landlord to request a guarantor or a rent deposit if the incoming tenant is of poor covenant strength. Once the landlord's consent has been obtained, the tenant and assignee can enter into a deed of assignment to transfer the lease to the assignee.

An assignment of a lease involves the new tenant (commonly referred to as the assignee) agreeing to take on all of the existing tenant's (commonly referred to as the assignor) lease obligations. The transfer of the interest is for the remaining duration of the lease.