Eidl Loan Assumption With Seller Financing In Travis

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

Description

The assumption agreement form facilitates the Eidl loan assumption with seller financing in Travis, allowing a borrower to transfer their loan obligations to a new party, known as the Assumptor. This document outlines the specific terms under which the Assumptor assumes the original loan's payments and obligations to the Small Business Administration (SBA). Key features include the requirement for SBA consent to the assumption, the ongoing liability of the original borrower, and potential penalties for without consent actions, such as selling or encumbering the property. Filling out the form necessitates accurate insertion of the loan amount, borrower details, and notarial signatures to ensure legal validity. Editing the agreement should be approached carefully, ensuring all details align with the loan's original terms and any modifications agreed upon by all parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions or business financing, as it enables seamless transitions of financial responsibility while maintaining compliance with SBA regulations.