Legal document transferring the tenancy agreement from one tenant to another.
This document is commonly used when the original tenant needs to vacate the property before the end of the lease term but wishes to transfer their remaining responsibilities to a new tenant. It includes details of the original contract, the outgoing tenant, the incoming tenant, and any necessary approvals from the landlord.
By executing an Assignment of Tenancy Agreement, the new tenant assumes all the rights and responsibilities of the original contract. This includes payment of rent, maintenance obligations, and adherence to the property's terms and conditions, effectively stepping into the shoes of the original tenant.
An Assignment of Tenancy Agreement is typically used by tenants who wish to transfer their existing lease to another party before the lease term ends. This tool is useful when a tenant needs to relocate or leave the property but still has obligations under the current tenancy agreement.
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