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assignment of lease
A transfer by the tenant (lessee) of his or her interest in the lease to a third person. Both the lessor and lessee may transfer their respective interests in a lease to a third person, unless prohibited by the terms of the lease.
The transfer of all rights, title, and interest under a lease that a lessee or tenant possesses in certain real property. The document used to convey leasehold is called an Assignment of Lease, rather than a Grant Deed or Special Warranty Deed.
Source : LawyerIntl.com
Language : English