What is Attornment in Real Estate and Beyond?

Attornment is a legal term that refers to the act of acknowledging or agreeing to a new owner or authority over a property or asset. It is often used in the context of real estate, where a tenant or lessee may be required to attorn to a new landlord or property manager if the original owner or lessor sells the property or transfers their interest to someone else.
In essence, attornment involves the tenant or lessee recognizing and accepting the new owner or authority as the legitimate party with whom they must deal, even though they may have had a previous relationship with the original owner or lessor. This can be important in situations where the original owner or lessor is no longer able to fulfill their obligations under the lease or contract, and the new owner or authority needs to take over these responsibilities.
Attornment can also be used in other contexts beyond real estate, such as in the transfer of assets or interests in businesses or other legal entities. In these cases, attornment may involve acknowledging the new ownership or control of the asset or entity, and agreeing to deal with the new owner or authority going forward.