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What Is Assignment of Rents?

WHAT IS ASSIGNMENT OF RENTS?

If your property is a rental or income property, you might see an assignment of rents clause.  The lender will register an assignment of rents on the title as insurance against a default.

You, Lawyer or Notary, will take care of this during your closing.  The charge is registered against title allowing your lender to collect rent directly from a tenant your mortgage falls into default.