Security deposit when assigning lease to a third party

[CMar]

Okay here's my question - I recieved permission from my landlord to assign my lease to a third party since I am moving out of the state at the end of the month. I was planning on drafting a contract between myself, the assignee and the property owner that explained the usual assignement information. However, I was going to include that the new tenant pay me the security deposit fee and that my security deposit (same amount) be transfered to the the assignee. I also included that any damage found by the property owner that was present prior to my moveout date will be paid by the security deposit and that I, the assignor will reinburse the assignee the difference. Okay, now I informed the property owner of this and he told me that I could not do this and that the assignee will have to pay him an additional security deposit and he will keep mine until the end of the lease. Is this okay? or can I request mine back?

[Lexus]

First of all let me remind you that in an Assignment or Sublease the liability of the original tenant to the LL does not ceases. From the facts it is understood that the LL has consented to assign your lease to a third party. Generally in assignment/sublease the LL has no major role. The assignor and the assignee will make a contract and the assignee will pay the rent to the assignor and the assignor will hand over the rent to LL. Similar is the case with security deposit also. The LL may refund your security deposit and accept the assignee’s security deposit. But here you have mentioned that the contract has been framed among you assignee and the LL. In that case it is advised that you may check with the original lease agreement and try find out whether the LL is a necessary party in case of an Assignment/Sublease. If he is a necessary party then the terms of the new agreement can subject to his approval/consent. It is better advised that you may consult with a Contract Attorney who can give a proper guidance in this regard.