How Do You Spell ASSIGNABLE LEASE?

Pronunciation: [ɐsˈa͡ɪnəbə͡l lˈiːs] (IPA)

The term "assignable lease" is commonly used in real estate transactions, referring to a lease agreement that can be transferred or assigned from one party to another. The spelling of this word is represented in the International Phonetic Alphabet (IPA) as /əˈsaɪnəbəl liːs/, with emphasis on the second syllable. It is important to note the emphasis on the second syllable, "sigh", as well as the silent "e" at the end of "assignable", which affects the long "i" sound in the following syllable.

ASSIGNABLE LEASE Meaning and Definition

1. An assignable lease is a legal agreement between a landlord and a tenant that allows the tenant to transfer their lease rights and obligations to another party. The term "assignable" refers to the ability to transfer or assign the lease to someone else.

   Typically, an assignable lease will include a clause that allows the tenant to assign the lease, subject to the landlord's approval. This means that the tenant must seek the landlord's consent before transferring the lease to another individual or entity. The landlord usually has the right to refuse the assignment if the new tenant is not deemed suitable or if they do not meet the landlord's requirements.

   Assigning a lease can be a desirable option for tenants who wish to exit a lease agreement before its expiration or who want to transfer the lease to a party that can better fulfill the obligations under the lease. It can also be advantageous for landlords, as it provides them with an opportunity to maintain a long-term tenant relationship and ensures a continuous flow of rental income.

   Assigning a lease requires the assignment to be properly documented in writing and signed by all parties involved. The assignor, the original tenant, transfers their rights and obligations to the assignee, the new tenant. However, even with an assignable lease, the assignor is usually still liable for any breaches or defaults under the lease, unless specifically released from liability by the landlord.

   In summary, an assignable lease is a lease agreement that allows a tenant to transfer their lease rights and responsibilities to another party, subject to the landlord's approval.

Etymology of ASSIGNABLE LEASE

The word "assignable" originates from the Latin word "assignare", which means "to allot" or "to assign". It is derived from the combination of the prefix "ad-" meaning "to" and the verb "signare" meaning "to mark" or "to assign".

The word "lease" comes from the Old English word "læs", meaning "a contract" or "an obligation". It is related to the Norse word "leysa", meaning "to lease" or "to release".

When these two words are combined, the term "assignable lease" refers to a lease agreement that allows the tenant to transfer their lease rights and obligations to another party, known as an assignee. The assignee then assumes the tenant's rights and responsibilities under the lease.