Document background
The Landlord Assignment Of Commercial Lease is essential in Philippine real estate transactions where the ownership of commercially leased property changes hands. This document is used when a current landlord wishes to transfer their rights and obligations under an existing commercial lease agreement to a new landlord, typically during the sale or transfer of commercial property. It must comply with the Civil Code of the Philippines and local property laws, ensuring proper documentation of the assignment of lease rights, transfer of security deposits, and continuation of existing tenant arrangements. The document becomes particularly important in protecting all parties' interests during property ownership transitions, requiring careful attention to local registration requirements and tax implications.
