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The Residential Lease Assignment Agreement is a document through which a tenant transfers their rights in a residential lease to another who becomes the new tenant.
A residential lease is a rental property designated for people to live. This document is 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. In such a case, one option to consider will be to transfer the remainder of the lease to another party, who becomes the new tenant.
For example, a tenant signs a Residential Lease Agreement for a fixed term of one year. After six months, if the tenant wants to relocate to a different place, 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. However, some tenants may be required to fulfill some obligations before assigning their lease. In any case, the tenant must check the terms of the lease to ensure that they satisfy the conditions before transferring the lease.
Note that a lease assignment is different from a sublease:
Please note that this document should be used to assign residential leases (property to live in). However, for the assignment of office spaces or other rental property for business purposes, the Commercial Business Lease Assignment Agreement is also available for download.
How to use this document
This document should be used in situations when a tenant wants to vacate from a rental property before the 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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