Okay, the secret is out. I am currently studying for my bar exam. In the process, I must study real property law and other areas of law that pertain to real estate and may be helpful to a real estate or land investor. I figured since I was studying anyways, I might as well put each topic one video at a time. I also started a YouTube channel which can be seen here.
Absent an express writing in a lease agreement, a tenant has the right to transfer their interest in the property. If a tenant transfers their entire interest in the lease - this is called an assignment. If the tenant transfers only a partial interest in their lease - this is called a sublease.
For example: If a tenant leasing 1000 square feet allows another to rent from him 500 square feet, this is commonly known as a sublease. Now if the tenant has 9 months left on the lease and gives another person the right to the entire 1000 square feet for the remaining 9 months, this is known as an assignment of the lease. Let me explain further...
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