Lease assignment is when a tenant transfers their lease to another party, while subletting allows the original tenant to retain some rights and responsibilities. The original tenant does not intend to return to the leased property in a lease assignment. Landlords must be notified of lease assignments, and they can object to a prospective tenant. […]
Neglect is when someone is held accountable for allowing access to an item that causes harm. Negligent custody occurs when someone makes a poor decision about access to a potentially harmful item. In a lawsuit, the plaintiff must prove that the defendant was a principal, damage occurred, and the defendant knew or should have known […]
A mortgage assignment is a document that shows the transfer of a mortgage from the original lender or borrower to a third party. Lenders can sell mortgages multiple times, and borrowers may not be notified. With an assumable mortgage, the new borrower must demonstrate financial capability and understanding of the loan terms. The mortgage assignment […]
An assignment of rents and leases allows a third party to collect rental payments and manage a property for a period of time, often used to pay off a loan. The owner remains the registered owner of the property, and the lender can use part of the proceeds collected to maintain the property while applying […]
Claims assignment is a legal and financial process where one party transfers a claim to another, entitling the assignee to the rights previously held by the assignor, but may also involve the transfer of legal responsibilities and liabilities. The Claims Assignment Act of 1940 applies in the US, and the company can only assign the […]
An affidavit letter can be written on any paper and should include the registrant’s legal name, address, and relationship to the issue. It must be signed and notarized. Specific forms may be required for certain cases, and providing false information can result in perjury charges. An affidavit letter is usually simple to write, and in […]
A wage assignment is a deduction from an employee’s pay used to pay debts or support. Voluntary assignments show effort to repay loans, while involuntary assignments suggest unreliability. Governments prioritize debts, and employers may charge for voluntary assignments. A wage assignment is a deduction from an employee’s pay, which can be used to pay debts […]
