# Assignment and assumption agreement

The closing document moving a contract or lease to the buyer.

Many contracts and leases cannot move without the other party's consent, so which ones assign and on what terms is real diligence rather than a formality handled at the table. Read the consent language in every agreement that carries revenue, because the ones that need a signature are exactly the ones a counterparty can reprice while you are committed. Start those conversations the week the [LOI](https://searchspheresource.com/glossary/loi) is signed: consents are the closing condition most often waiting on somebody who has no reason to hurry.

In numbers: The $6,500-a-month premises lease, the fleet leases, and the three service contracts worth keeping all move by assignment and assumption: the seller assigns, you assume, and the landlord's consent is the slow one.

Source: https://searchspheresource.com/glossary/assignment-and-assumption
Not dated: A definition is editorial: what a term means, why it matters, and an example. None of it reads a source that can go stale, so there is no date to take and a stamped one would be the build time wearing a costume.

Site index for machines: https://searchspheresource.com/llms.txt