Eidl Loan Assumption With Purchase Agreement In Washington

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

Description

The EIDL Loan Assumption with Purchase Agreement in Washington is a legal document that facilitates the assumption of an Economic Injury Disaster Loan (EIDL) by a buyer from a seller, typically in a real estate transaction. This agreement allows the buyer, referred to as the Assumptor, to take over the responsibility for the existing loan, ensuring that the original Borrower remains liable for the loan unless released by the Small Business Administration (SBA). Key features of the form include sections for detailing the original loan amount, property descriptions, and the terms of the assumption. Users must fill in the names of parties involved, principal amounts, and other specifics pertaining to the sale and loan agreement. The form must be executed properly, including notarization requirements, to ensure its legal validity. It is crucial for users, such as attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a clear and structured process for handling loan assumptions. This agreement is particularly relevant in scenarios where a property is sold with an existing SBA loan, ensuring that all parties understand their obligations. It supports compliance with SBA regulations and protects the rights of all involved in the transaction.