Property II

Lease Transfer

Types of lease transfers:

  1. Assignment

    An assignment is when a tenant gives all of his possessory rights to an assignee.

    An assignment places the assignee in privity of estate with the landlord.

  2. Sublease

    A sublease is when a tenant gives anything less than all of his possessory rights. This then makes the tenant the landlord of the sublessee.

    A sublease does not put the sublessee in privity of estate with the landlord.

Recapture Clause

A recapture clause is where a tenant agrees to pay the landlord some or all of the profit he makes from an assignment or sublease.

Statute of Frauds

A statute of frauds is a defense that prevents the enforcement of a land transfer transaction or a lease longer than one year unless there is a signed written memorandum listing the price, parcel, and parties.

Neither a legal description of the property nor the parties' full names are required, only enough to identify them.

1L/2nd Semester/LAW 506-002 – Contracts II/R2C § 129