To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease. Your goal is to put the game on the market within two years. Several months into the term, a competitor unexpectedly releases a new game title featuring play that would make your game appear to be a poorly crafted imitation. Can you assign the lease to another party? Explain. A leases is a transfer of real property by a landlord to a tenant for a period of time for the payment of rent. This scenario falls under “Transferring Rights to Leased Property”. Either the landlord or the tenant may wish to transfer his or her rights to the leased property during the term of the lease. When transferring rights of leased property to someone else the tenant’s transfer of his or her entire interest in the leased property to a third person is an assignment of the lease (Hollowell & Miller, 2014).
A lease assignment is an agreement to transfer all rights, title, and interest in the lease to the assignee (Hollowell & Miller, 2014).
It is a complete transfer. Many leases require that the assignment have the land-lord’s written consent. An assignment that lacks consent can be voided by the landlord, and the assignee can be evicted. A landlord who knowingly accepts rent from the assignee, however, will be held to have waived the requirement (Hollowell & Miller, 2014).
In many cases this is considered a sublease which is defined as a lease executed by the lessee of real estate to a third person, conveying the same interest that the lessee enjoys, but for a shorter term than that held by the lessee (Hollowell & Miller, 2014) .Based on the terms of transferring rights of a leased property and the definition of sublease yes one can sign the lease to a third person.
The Review on When Does Title to Real Property Transfer in the State of Arkansas
The State of Arkansas was selected as the example state because of its proximity to surrounding states of Tennessee, Mississippi, Missouri, and Okalahoma and the frequency in which individuals change their residency between the surrounding States. The research examines the type of real estate transfer theory practiced in the State of Arkansas by reviewing relevant case laws, mortgage practices and ...
References
Hollowell, W.E. & Miller, R. L., (2014).
Business law text & exercises. (7th
ed.) South-Western, Cengage Learning.
