Cover Page Layout For Assignment Of Lease

Lease Proposal Template

Premises —

[RENTAL PROPERTY ADDRESS]

[CITY, STATE ZIP]

Date — [LEASE PROPOSAL DATE]

Proposal Expiration Date — [EXPIRATION DATE]

Dear [TENANT PROSPECT] —

This Lease Proposal document outlines the proposal terms for lease of the premises described above to you, [TENANT NAME] (“Prospective Tenant”), by [LANDLORD NAME] (“Landlord”).  If you are interested in proceeding, the full Lease Agreement will be prepared and submitted to you for review and signature.

1. Term of lease — Commencing on [BEGIN DATE] and ending on [END DATE]

2. Renewal option — [RENEWAL OPTION]

Panda Tip:  This is where you would note either a month-to-month tenancy continuing after the initial term had passed, or perhaps automatically renewal for the same length of term if no 30 day advance notice was given, or could indicate that there are no renewal options at all.

3. Proposed usage — [PROPOSED USAGE]

Panda Tip:  Designate whether it is for office space, commercial use, retail, etc.  Both parties need to understand what the premises will be used for so they can ensure that it is appropriate to the zoning and capacities of the facility.

4. Rent — [MONTHLY RENT]

Panda Tip:  Don’t forget that if you have an ongoing renewal option for a lengthy lease, you need to decide whether to allow for increases in rent with renewals.

5. Security Deposit — [SECURITY DEPOSIT]

6. Inclusions — [INCLUDED ITEMS]

Panda Tip:  This is where you should note items included in the rent, like utilities, telephone, cable, internet access, and other expenses relating to ongoing operations at the premises during the lease period.  Anything obvious that is not included, should be listed in the exclusions paragraph below.

7. Exclusions — [EXCLUDED ITEMS]

Panda Tip:  These are items of costs that are explicitly excluded as being part of the rent, like utilities, telephone, cable, internet access, and other expenses relating to ongoing operations at the premises during the lease period.

8. Assignment or subletting — [ASSIGNMENT OPTION]

Panda Tip:  Most leases either do not allow the Tenant to re-lease the premises to someone else, or allow it only under certain terms.

9. Other items — [OTHER ITEMS]

Panda Tip:  This is the place to notate other terms that are likely to be important to the Tenant in deciding whether to proceed to enter into a formal lease agreement.

10.    Lease Agreement — A formal, written lease agreement would be executed between the Parties that would become the final agreement between them.

If you are interested in proceeding to finalize a formal, written Lease Agreement under the scope set out above, please contact [CONTACT NAME] at [CONTACT PHONE] OR [CONTACT EMAIL] at your earliest possible convenience.

This Lease Proposal Template does not constitute a contract, or an offer to contract, but rather an invitation to proceed with further actions by the Parties towards execution of a formal agreement between the Parties.

Panda Tip: This paragraph is important because of basic contract law. If this is an “offer,” the proposed tenant could just “accept” the terms above (such as by calling up and saying “yes, I agree” or mailing a letter doing the same) and a binding contract would be created.  The intent here is rather to move negotiations along, with a final, more detailed document being signed by the parties as the actual contract.

[LANDLORD NAME]

[ADDRESS]

[CITY, STATE ZIP]

[COUNTRY]

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

You fill out a form. The document is created before your eyes as you respond to the questions.

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

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