Assignment of Balance House Rent (India) by OLL
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ASSIGNMENT OF BALANCE HOUSE RENT
This Deed of Assignment is entered on this _________________ day of ______.
Between
Mr __________________________________
S/o Mr _______________________________,
RESI __________________________________
(after named "the assignor") which expression shall be inclusive his successors, executors and administrators of the one part
And
Mr.____________________________________________________________,
S/o Mr._________________________________________________________,
RESI ______________________________________________________________________________ (after that named "the assignee") which including his successors, executors and administrators of the other part.
Whereas
1. The assignor completely owner the house no._____________________________________________ situated at ___________________________________________________________________.
2. having entered between assignor and Mr. _________,
S/o Mr. ___________,
RESI _______________________________________________________________________________ (as named "the tenant") for __________ months on monthly rent of Rs.____________ payable on the 10th day of every month.
3. The tenant not paid rent of said house for ____ months beginning from ________ and ending on _____.
4. The assignor having demanded the said rent from the tenant repeatedly and written notice dated _____________The gross amount of rent payable by the tenant comes to Rs. _____________.
5. The assignee has contacted the assignor for buying the rights in recovering rent. Assignor being beneficial owner has consented in allowing same to the assignee.
Now This Deed Witnesses as Follows:
1. In lieu of Rs.___________________ (Rupees ______________________________________________ only) paid by the assignee (whose receipt have being acknowledged by the assignor) the assignor also his right to recover Rs.______________ due as balance of rent from the said tenant. To the assignee who shall have rights in recovering the said balance of rent with interest and appropriate the same to his use.
2. The assignee be beneficial owner accepts the assignment so allowed by the assignor.
3. The assignor hereby agrees with the assignee that said balance of rent being due and owing to the assignor from his tenant.
In Witness Whereof, the parties to this deed have set and scribed their hands at Coimbatore, on the day, month and year first noted above, in presence of:
Assignor
____________
Assignee:
_____________
Signed.................
Date ..............
Witnesses:
1.
2.
This legal document allows a landlord to transfer their right to collect unpaid house rent to a third party. It details the amount of debt owed by the tenant and confirms that the assignee has paid the landlord for the right to recover those funds themselves.
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About this template
What is this template?
This document is a formal deed for the sale and transfer of a specific debt (unpaid rent) from one person to another. It contains a confirmation of the property ownership, the specific months of default, and the total gross amount of rent payable. It is not a new lease agreement or a notice to quit.
When should you use it?
Use this when a landlord wants to exit the debt collection process by selling the right to those arrears to someone else for a lump sum. If you instead want to authorize an agent to collect rent on your behalf without transferring ownership of the debt, use a Power of Attorney.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Transfer of Rights | The assignor transfers the right to recover a specific amount of rent due from the tenant to the assignee for a paid sum. |
| 2 | Beneficial Ownership | The assignee accepts the role of beneficial owner of the debt and the authority to appropriate recovered funds. |
| 3 | Warranty of Debt | The assignor guarantees to the assignee that the stated balance of rent is currently due and owing from the tenant. |
Who it's for
- a landlord in India selling the right to collect specific rent arrears to a third party debt buyer
- an individual owner of property in Coimbatore transferring debt recovery rights for a fixed payment
How long it runs and how it's signed
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