What is an assignment of rental income?

An assignment of rental income is a legal document that allows a person to transfer their right to income from a rental property to another person. In Oregon, this document is used to transfer the right to receive income from a lease, such as a commercial lease or a residential lease. This document is also called a Lease Assignment Agreement. By signing an assignment of rental income, the assignor (the person who is transferring the right to receive rent) transfers all rights to income from the rental property to the assignee (the person receiving the right to receive rent). The assignor no longer has any rights to the income generated from the rental property. The assignee now has the right to collect all rents due under the lease, including late fees and other charges for the rental period. The assignment of rental income document should also include a clause specifying that any legal action taken against the previous tenant should also be taken against the assignee. This clause ensures that the assignee is legally responsible for any rental obligations of the original tenant, including payment of rent, maintenance of the property, and repair of any damage to the property. The assignment of rental income document is an important legal document that should be reviewed and signed by both the assignor and the assignee in order to protect each party’s rights and interests. This document should also be kept on file for any future need that may arise when dealing with rentals in Oregon.

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What is an assignment of rental income?

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