The owner of a rental property can use the property’s rental income as collateral for a loan. Similarly, when buying a property for rental purposes, the investor can use the rental income as collateral for the mortgage.
The Assignment of Leases and Rents is often used by a lender when processing loan applications for rental properties. In most cases, this assignment is used for commercial properties but not exclusively. It can be standard procedure for any property not considered a primary residence.
The Assignment of Leases and Rents could be a necessary document in a loan application of a rental property where the lender cannot take over the rent until the mortgage or deed of trust is assigned.
Depending on your state, an Assignment of Leases and Rents may also be known as:
Lenders use an Assignment of Leases and Rents for extra security when processing loan applications.
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An Assignment of Leases and Rents is a vital document requiring specific wording and accurate information.
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Before the borrower signs the Assignment of Leases and Rents, they should make sure all information is accurate. For the assignment to be enforceable, the borrower must sign the document in front of a witness and notary public.
After creating your Assignment of Leases and Rents on 360 Legal Forms, get it signed and notarized as described above. When used for a loan, the document has to be filed with the county recorder’s office.
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