BigCityAccountant
Well-Known Member
- Joined
- Nov 21, 2015
- Messages
- 3,436
- Reaction score
- 250
Ok y'all bear with me, really I'm just scrolling looking to see if any names jump out at me but I'm not sure what most of the document description mean. I did come across a Becky Kennedy, 1/27/1988. It's a deed of trust/asgt of rents.
Asgt of rents stands for assignment of rents. Generally when someone owns commercial property that is mortgaged, the bank will request an assignment of rents. If the borrower defaults on the loan, then the bank becomes the landlord of the property and the tenants pay the bank. Without the assignment, the bank has no legal authority to collect the rents, unless an assignment is executed. The tenant normally signs off on the assignment.