Lease

• A lease is a contract where a property owner grants an estate in his property to another for a limited time while still keeping his ownership interest. He does this for "something of value." "Something of value" usually means money. However, anything of value may be given. In a lease, the property owner is the lessor and the property is the lessee.
  
  

Sublease

• A sublease is a lease of property made by a tenant of the property. In a sublease, the original lessee gives temporary rights under the lease to a third party, but the third party does not assume a contractual relationship with the lessor. The original lessee keeps his rights and obligations under the agreements. However, the lessee forms another, separate contract with the third party. Generally, subleases are valid agreements unless the landlord prohibits them.
  
  

Assignment

• An assignment of property differs from a sublease in that the lessee conveys all her rights under the lease to the assignees for the remainder of her lease term. The assignees enter a contractual relationship with the original landlord. However, unless agreed otherwise, the first lessee is still responsible under the lease agreement until the lease expires. Generally, an assignment is valid unless prohibited by the landlord.