Sba Loan Agreement Form In Texas

• Category: Small Business - Loans and Lending
• State: Multi-State
• Control #: US-00193
• Format: Word; Rich Text

Description

The Sba loan agreement form in Texas is a legal document that enables a borrower to transfer their obligation under a loan agreement to another party, known as the assumptor. This form is primarily used when the ownership of the property secured by the loan changes, and the new owner wishes to assume the loan's payments and obligations. Key features of the form include the requirement for mutual consent from both the borrower and the small business administration (SBA), the formal declaration of the assumptor's intent to assume the obligation, and the stipulation that the borrower remains liable unless explicitly released by the SBA. Filling and editing instructions suggest that users should carefully enter details such as names, amounts, and dates, ensuring accuracy to avoid potential legal issues. This form is particularly useful for attorneys, partners, and legal assistants involved in real estate transactions, as well as business owners looking to transfer their loan obligations. Paralegals and associates can assist by preparing the document while paying careful attention to compliance with SBA requirements.