What is the term for transferring a tenant's rights and remaining interest to a third party?

The term for transferring a tenant's rights and remaining interest to a third party is known as assignment. In a property management context, an assignment occurs when a tenant, the assignor, transfers their entire leasehold interest to another party, the assignee. This means that the assignee takes over all responsibilities and benefits of the lease, including paying rent and adhering to the lease terms.

Understanding assignment is crucial in property management, as it allows for flexibility in tenancy. The original tenant may remain liable to the landlord for the lease obligations if the assignee fails to fulfill them, unless the landlord releases them from this obligation.

Subletting is often confused with assignment, but it involves the original tenant renting out part of their leased premises to another party while retaining their own leasehold interest. Thus, the original tenant remains responsible to the landlord, unlike in an assignment, where the assignee assumes full liability. The other options, such as substituting and eviction, do not pertain to the transfer of rights in the context of rental agreements.