Assignments/Sublets

Question 1

Assignment

Answer 1

A transfer of all interest in a property.

Transferee has privity of estate NOT privity of contract with obligor (both liable for all covenants that run with land)

Transferor remains secondarily liable

Question 2

Sublease

Answer 2

Transferor transfers less than everything.

Landlord and transferee are neither in privity of estate or contract.

Transferor is liable to Transferee and Transferee is liable to Transferor