Iowa Assignment of Lease by Landlord
Iowa landlords, assign your tenant's lease to a new owner of the property with this easy-to-use Assignment of Lease by Landlord form.
The Assignment of Lease by Landlord form is designed specifically for Iowa landlords who wish to transfer their tenant's lease to a new owner following the sale of the rental property. This straightforward and user-friendly document ensures a smooth transition for all parties involved.
Parties Involved
This assignment form is executed between three parties: the current landlord, the purchaser of the property (who becomes the new landlord), and the tenant. It formalizes the agreement by which the current landlord assigns the lease to the new landlord, with the tenant agreeing to pay rent and fulfill all lease obligations to the new owner.
Tenant Obligations
Upon execution of the assignment, the tenant commits to continue paying rent to the new landlord and to uphold all responsibilities as specified in the original lease agreement.
Indemnification
The current landlord and the new landlord (purchaser) mutually agree to indemnify each other. This means that each party will protect the other from any claims or legal actions that may arise from a breach of the terms outlined in the assignment agreement.
Applicability
This Assignment of Lease form is suitable for use with both commercial and residential rental properties. It provides flexibility for landlords managing various types of rental arrangements.
Format and Usage
The form is available in MS Word format for ease of customization and use. It is intended solely for transactions taking place within the State of Iowa.
Iowa Rental Agreement for Residential Premises
- The Agreement establishes what is called a "periodic tenancy" because it runs from rental period to rental period (month to month or week to week).
- The tenant must pay late fees if the rent is not paid on time, and a charge for any returned checks.
- The tenant is responsible for yard maintenance.
- Procedure that the landlord must follow for returning the tenant's security deposit at the end of the tenancy.
- Provisions for termination by either party, in accordance with landlord-tenant laws.
- The file also contains a Lead Paint Disclosure form, as required by law.
- Also included is a Premises Condition Report to be jointly filled in by the landlord and the tenant at the beginning and the end of the tenancy.
