Assumption Of Agreement Meaning In Arizona
Category:
State:
Multi-State
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legal document used in Arizona that facilitates the transfer of property ownership while allowing the new owner, or Grantee, to assume the existing debt secured by a lien or deed of trust on that property. This agreement typically includes details such as the property description, the amount of the debt, and the monthly payment obligations. A key feature of this form is that it requires the Grantee to indemnify the Grantor against the obligation to pay the debt upon assumption. Filling out the form involves entering the names of the parties, property details, and specific terms regarding the debt and lien. Notably, the consent of the lender may be necessary for the assumption to be valid. This document is essential for real estate transactions where debt assumptions are involved, ensuring that all parties understand their rights and responsibilities. The Assumption Agreement is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear structure for facilitating property transfers and addressing associated financial obligations.
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