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This Commercial Lease Assignment Agreement is a document through which a tenant transfers their rights in a commercial lease to another who becomes the new tenant. This document should be used in situations where a tenant wants to leave the rental property before the end of their lease, and the tenant has obtained the consent of the landlord to assign the lease.
Commercial lease is an agreement to rent a property for business or commercial use, which include office spaces, warehouses, office buildings, or other building for commercial purposes. In this document, the tenant transfers the remainder of their commercial lease to another party, who becomes the new tenant.
For example, a tenant signs a Commercial Lease Agreement for a fixed term of one year, but the tenant's business fails within six months. The tenant can transfer the remaining unexpired six months to another person.
Depending on the nature of the lease, some leases may outrightly prohibit the tenant from assigning their lease, while some tenants may be required to fulfill some obligations before they can assign their lease. In any case, the tenant must check the terms of their lease to ensure that they satisfy the conditions before transferring the lease.
Note that a lease assignment is different from a sublease:
Also note that this document is only used to assign commercial lease, such as office spaces, warehouse, or other rental property for business purpose. However, for assignment of residential leases (property to live in), the Residential Lease Assignment Agreement is also available for download.
How to use this document
This document should be used in situations where a tenant wants to vacate from a property before their commercial lease expires.
This document requires basic information such as the names and addresses of the assignor and the assignee, description of the rental property, and the lease term. After completing the document, it should be printed and signed by the parties to the agreement.
This document may also be signed electronically. Each party should keep a signed copy of this agreement for their record.
Tenancy agreements are subject to laws of various states in Nigeria. In Lagos State, the following laws are applicable:
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