No matter which path you take, you will still want a good new tenant who pays the rent on time and follows the lease rules to the agreement.
For the golden rules on screening tenants and running credit checks, Click here for our guide to running tenant credit checks.
Let's begin by dragging the landlord into the picture.
An assignment of lease launches the new tenant into a direct relationship with the landlord - The landlord collects rent straight from the new tenant and deals with the new tenant directly on all lease issues.
But if you only want to rent part of the property...
or don't want to tie yourself down for the remaining lease duration, then you are better off sticking to a sublease.and take over all his rights and obligations for the remainder of the lease period.So if the original tenant signs a 1 year commercial lease and the business goes bust after 8 months, the new tenant will be assigned a 4-month commercial lease (with the same terms and conditions as the original agreement).your business goes belly-up and you no longer need the office), then help yourself to a lease assignment.If the landlord's consent is required for assignment (and he doesn't give the nod), you can always try offering him a lease assignment fee as a deal sweetener.You are the Original Tenant - Now this is a tricky one.If you want to someone to take over the entire lease and property for its remaining duration (e.g.Now here's the big catch: Even though the original tenant has handed over all his duties and obligations to the new tenant, he is not off the hook...unless the landlord agrees to release him from all liabilities.If the new tenant stirs up trouble, our dear original tenant will find himself in hot soup as well.Of course, whether the original tenant is allowed to pull this assignment trick out of his hat is a whole new matter.