Can Your Tenant Find a Replacement When They Want to Finish the Lease Early?
Yes. Unlike subletting, when your tenant intends to assign the lease, they are not planning to come back to finish the lease with you. Instead, your tenant is trying to find a replacement tenant to take over the remainder of the lease. This way, your tenant can be released from the terms of the lease and their legal obligation to pay rent. A common scenario happens when your tenant suddenly has to move to a different state for a new job and still has several months left on the lease.
You should know that an assignment transfers the obligations under the lease from your tenant to the replacement tenant. Once a proper assignment is completed, your original tenant will no longer be liable for any future rent under the lease. Instead, the replacement tenant steps into the shoes of your original tenant and assumes all duties and responsibilities. Therefore, in the event that the replacement tenant does not pay rent on time, your only legal recourse would be against the replacement tenant.