What is the purpose of an assignment and assumption agreement?

An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract.

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Agreements - Agreement Forms
Multi-State
Assumption Agreement of Loan Payments

Assumption Agreement Form

Category:

Loans and Lending - Assumptions

State:

Multi-State

Control #:

US-00424

Format:

Instant download

Description

The Assumption Agreement form is a legal document used when one party (the Grantee) agrees to take over the obligations of a loan secured by the property from another party (the Grantor). It is essential for transferring ownership and debt responsibility seamlessly between parties. Users must fill in pertinent details such as the parties' names, property location, lien holder information, debt amount, and specific month the assumption takes effect. The form also includes a consent clause regarding the lender, which may or may not be necessary. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in real estate transactions, as it facilitates the legal transfer of property while ensuring that the debt obligations are maintained. When editing, users should ensure that all sections are completed accurately to avoid legal complications. It streamlines the process of property transfer and can be vital in estate planning, sales, or refinancing contexts.

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How to fill out Assumption Agreement Of Loan Payments?

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FAQ

An assumption agreement, sometimes called an assignment and assumption agreement, is a legal document that allows one party to transfer rights and/or obligations to another party. It allows one party to "assume" the rights and responsibilities of the other party.

An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract.

Release of the Debtor. In consideration of the assumption of the Debtor's Liabilities, the Creditor (a) agrees to look solely to the Assuming Party for the payment and the performance of the Liabilities; and (b) forever releases and discharges the Debtor from the Liabilities.

A refinance typically takes about 30 days, but a loan assumption can take anywhere from three to six months, depending on the lender.