North Carolina Sample Letter for Assignment of Lease
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How to fill out Sample Letter For Assignment Of Lease?
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FAQ
LESSEE ACKNOWLEDGES THAT LESSOR MAY SELL, ASSIGN, GRANT A SECURITY INTEREST IN, OR OTHERWISE TRANSFER ALL OR ANY PART OF ITS RIGHTS, TITLE AND INTEREST IN THIS LEASE AND THE EQUIPMENT WITHOUT NOTICE TO OR CONSENT OF LESSEE.
If the lessee transfers his or her entire remaining interest in the tenancy, then the transfer is known as an assignment. If the lessee transfers only part of his or her interest, then the transfer is known as a sublease.
§ 42-14. A tenancy from year to year may be terminated by a notice to quit given one month or more before the end of the current year of the tenancy; a tenancy from month to month by a like notice of seven days; a tenancy from week to week, of two days.
Both oral and written lease agreements are recognized by law in the state of North Carolina and both types of leases are enforceable. However, if the lease will last for three years or longer, the agreement must be in writing. You should always aim to create a written agreement, even if not required by law to do so.
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.
In legal jargon, the old tenant who wants to get out of the lease is called the Assignor and the new person who wants to get the remainder of the lease is called an Assignee. The landlord remains the same.
Assigning is allowing another person to take over the lease agreement. It can be done if there's a fixed term lease and the tenant needs to leave before the end date. When assigning a tenancy to someone else, the new tenant takes over the existing lease agreement.
