What term describes when a tenant transfers all rights and responsibilities of an unexpired lease to a new tenant?

The correct term for when a tenant transfers all rights and responsibilities of an unexpired lease to a new tenant is known as a lease assignment. In a lease assignment, the original tenant, often referred to as the assignor, hands over the lease to another party, known as the assignee. This means the assignee becomes responsible for fulfilling all obligations under the lease, including paying rent and adhering to lease terms, but can do so without needing to break the original lease agreement.

In this scenario, the landlord typically must approve the assignment, and the original tenant may still remain liable to the landlord for any lease obligations unless released through a process called novation. Unlike a sublease, where the original tenant retains some responsibilities while granting use of the property to another, a lease assignment fully transfers those obligations to the new tenant, which emphasizes the significance of this term in real estate practice.