Which of the following best describes a "lease assignment"?

A lease assignment is best understood as the reassignment of the original lease from one party to another. In this context, the tenant (assignor) transfers their rights and obligations under the lease to a new party (assignee), who then steps into the original tenant's position. This process allows the new tenant to take over the lease without needing to renegotiate the original terms with the landlord.

This transfer maintains the original lease intact, meaning that the assignee assumes all responsibilities as stipulated in the agreement, while the landlord continues to have a lease relationship with the original tenant depending on the terms of their arrangement. In many cases, landlords may require consent to an assignment to ensure that the new tenant is suitable.

The other options do not accurately describe a lease assignment. Canceling the lease, selling lease rights to another landlord, or moving the lease to a different property do not involve the same legal nuances or maintain the same obligations from the original lease. Thus, the understanding of a lease assignment hinges specifically on the transfer of lease rights and obligations to another party.