This form is an Assumption Agreement. The form provides that the grantee will assume a lien on property described in the agreement. The assumption will become effective on the date provided in the agreement.
Assignment And Assumption Agreement With Novation In Arizona
Category:
State:
Multi-State
Control #:
US-00424
Format:
Word;
Rich Text
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The general rule under Arizona law is that a buyer's interest in a real estate purchase agreement is freely assignable, absent restrictions or prohibitions. Unlike notation, assignment contracts do not annul the initial agreement and do not establish a new agreement.What is an Assignment And Assumption Agreement? An assignment and assumption agreement transfers one party's rights and obligations to a third party. This assignment and assumption agreement template includes a novation agreement and may be used to transfer an agreement from one party to another. This Standard Document contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party.