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Simple English definitions for legal terms
assignable lease
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A quick definition of assignable lease:
An assignable lease is a contract where someone who owns a property lets someone else use it in exchange for money. The person using the property can transfer the lease to someone else. It's like renting a house, but the renter can let someone else rent it from them.A more thorough explanation:
An assignable lease is a type of lease that allows the lessee to transfer the lease to a successor. A lease is a contract in which the rightful possessor of real or personal property conveys the right to use and occupy the property in exchange for consideration, usually rent. The lease term can be for life, for a fixed period, or for a period terminable at will.
For example, if John leases an apartment for a year and then decides to move out after six months, he can transfer the lease to another person who will take over the remaining six months of the lease. This is known as subleasing. The new person becomes the lessee and is responsible for paying rent and following the terms of the original lease agreement.
Another example is a commercial lease, where a business leases a property for business purposes. If the business is sold or transferred to another owner, the lease can be assigned to the new owner, allowing them to continue using the property for the remaining lease term.