Pittsburgh Pennsylvania Assignment and Assumption of Lease between LLCs
Category:
State:
Multi-State
City:
Pittsburgh
Control #:
US-RE-A-10110-3
Format:
Word;
Rich Text
Instant download
Description
An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party. Often used in real estate transactions and mortgage lending, the assignment and assumption of lease agreement requires the landlord to consent to move forward.
An assignor may include an assumption agreement to provide legal protection by transferring obligations to the new tenant. For example, if a tenant defaults on a mortgage or stops paying rent, the original seller is no longer liable. Assignment and assumption of lease agreements cover terms like who is newly responsible for the lease and the landlord's contract for this agreement.
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