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Sublease vs Assignment of Lease What’s the Difference
Enroll in courses here: https://www.albertarealestateschool.com/shop/ or call our Success Team at : 587-936-7779   Confused about subletting, assignment of lease, and privity concepts? Here’s a simple breakdown.   Sublease (Subletting) A tenant rents part or all of their leased space to another person while remaining on the original lease. Example: A business has extra office space and sublets part of it to another professional. In a sublease: ✔️ The original tenant remains on the lease ✔️ The original tenant is still responsible to the landlord for rent, utilities, and lease obligations ✔️ The subtenant typically deals with the original tenant — not directly with the landlord   Assignment of Lease An assignment transfers the lease to a new tenant, usually with the landlord’s approval. Example: A business relocates and transfers its office lease to another business. In an assignment: ✔️ The lease is transferred to the new tenant ✔️ Lease responsibilities move to the new tenant ✔️ The new tenant becomes responsible for rent, costs, and lease obligations moving forward   A helpful analogy: Sublease = letting someone else use your leased car while you remain responsible. Assignment = transferring the lease entirely so the new person takes over. Understanding lease structures and privity concepts is important in commercial real estate and property management.   Start your career in Real Estate today! Our courses equip you with the skills needed to pass your licensing exam in Alberta. Link in the comments. 💯 We train tomorrow's top Real Estate Agents and Mortgage Associates in Alberta! 🔥 💻: www.albertarealestateschool.com   #ALBERTAREALESTATESCHOOL #passyourRECAexam #albertarealestateeducation #Albertamortgagebroker #ALBERTAREALESTATE
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