When a tenant transfers all of his or her interests under a lease, this action is referred to as what?

When a tenant transfers all of his or her interests under a lease to another party, this action is known as an assignment. An assignment involves the tenant (the assignor) relinquishing their rights and responsibilities under the lease to the assignee, who essentially steps into the tenant's shoes. This means that the assignee now has the right to occupy the rented space and is bound by the terms of the original lease agreement.

In contrast, other terms have specific meanings that do not apply here. For example, novation refers to replacing one party in a contract with the consent of all parties involved, which would not happen in a standard lease assignment. A sublease allows the original tenant to rent out part or all of the property to another person while retaining some interest in the lease, meaning not all rights are transferred. Surrender refers to the tenant voluntarily giving up the lease back to the landlord, which ends the lease agreement completely rather than transferring it to another party. Thus, the term that accurately describes the situation where a tenant transfers all interests under a lease is assignment.