Assignment of Leases and Rents
An Assignment of Leases and Rents is part of the mortgage or deed of trust documentation in a loan agreement and it is used to sign over the lease and rental income to the lender in the event the borrower defaults on the loan.
How it Works
Build your selected document.
Answer a few simple questions with step-by-step instructions.
Print & download forms instantly. Sign & make it legal.
What Is a Assignment of Leases and Rents?
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.
What Is an Assignment of Leases and Rents?
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.
Other Names for Assignment of Leases and Rents
Depending on your state, an Assignment of Leases and Rents may also be known as:
- Assignment of Rents
- Deed of Trust With Assignment of Rents
- General Assignment of Rents
- Absolute Assignment of Rents
Who Needs an Assignment of Leases and Rents?
Lenders use an Assignment of Leases and Rents for extra security when processing loan applications.
Why Use Swyftfilings for Your Assignment of Leases and Rents
Customized for you, by you
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Assignment of Leases and Rents.
Specific to Your Jurisdiction
Laws vary by location. Each document on Swyftfilings is customized for your state.
How to Create an Assignment of Leases and Rents With Swyftfilings
An Assignment of Leases and Rents is a vital document requiring specific wording and accurate information.
Let Swyftfilings help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
What Information Will I Need to Create My Assignment of Leases and Rents?
To create your document, please provide:
- The Effective Date: The date when the assignment will become effective.
- Assignor Details: The legal name and contact information of the borrower.
- Assignee: The legal name and contact information of the lender.
- Loan Amount: The principal of the loan.
- Collateral: The description and address of the property used as collateral for the loan.
- Security Instrument: Specify whether this is an assignment for a mortgage or deed of trust.
- Trustee: The trustee of the deed of trust, as applicable.
- Signature: The assignor is to sign the document.
Assignment of Leases and Rents Terms
- Assignor: In the context of an Assignment of Leases and Rents, this is the person or entity signing over leases or rents to another party.
- Assignee: In the context of an Assignment of Leases and Rents, this is the person or entity receiving the assignment.
- Deed of Trust: A document creating a third-party instrument between a lender and borrower.
- Lease: An agreement between the landlord and a tenant for the right to use and occupy real property.
- Tenancy: The state of a rental space being tenanted.
- Collateral: An asset or assets used as security for a loan.
- Security Instrument: In the context of an Assignment of Leases and Rents, either a mortgage or deed of trust.
Assignment of Leases and Rents Signing Requirements
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.
What to Do With Your Assignment of Leases and Rents
After creating your Assignment of Leases and Rents on Swyftfilings, 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.
Other Names for Assignment of Leases and Rents
- Assignment of Leases and Rents Form
- Assignment of Leases and Rents Document
- Assignment of Leases and Rents Agreement
- Assignment of Leases and Rents Contract
- Assignment of Leases and Rents Template
- Assignment of Leases and Rents Checklist
Who Needs a Assignment of Leases and Rents?
Why Use Swyft Forms for Your Assignment of Leases and Rents
Customized for you, by you
Specific to Your Jurisdiction
Why choose Swyft Forms?
Create professional documents for thousands of purposes.
Make unlimited documents and revisions.
Our documents are vetted by lawyers and are applicable to all 50 states.