When renting a property, a tenant may need to vacate before the end of their lease agreement. In such cases, they may choose to either sublease or assign their lease to another party.
A sublease is a rental agreement between the original tenant and a new tenant. The original tenant becomes a sublessor and the new tenant becomes a sublessee. The sublessee pays rent to the sublessor, who in turn pays rent to the landlord. In a sublease, the original tenant retains the responsibility for the lease agreement and the property. They remain liable for any damages or violations committed by the sublessee.
A lease assignment, on the other hand, involves the transfer of the lease agreement from the original tenant to a new tenant. The new tenant takes over the lease and becomes responsible for paying rent and adhering to the terms of the lease. The original tenant is released from their lease obligations and is no longer liable for the property.
In summary, a sublease is a partial transfer of a lease agreement, while a lease assignment is a full transfer of the lease agreement.
If you no longer need your current space and would like to discuss your options, please call Stark Accelerators Commercial Real Estate at 775-825-4400.