LL-T Law - Assignments and Subleases Flashcards
1
Q
options to purchase contained in a lease for years cannot be
A
assigned separately from the lease.
(though some states are split on this issue)
2
Q
What is an assignment?
A
An assignment is a complete transfer of the tenant’s entire remaining term under the
lease.
In an assignment, the landlord can collect rent from the:
Assignee (because there is privity of estate);
OR
Original tenant (because there is privity of contract).
3
Q
What is a sublease?
A
A sublease is a transfer of less than the tenant’s entire remaining term under the lease.
In a sublease, the landlord can ONLY collect rent from the original tenant (because there is privity of contract and estate).
The subtenant ONLY has rent obligations to the original tenant.
