Assumption Of Agreement Meaning In Hennepin
Category:
State:
Multi-State
County:
Hennepin
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legal document that facilitates the transfer of property ownership from a Grantor to a Grantee while allowing the Grantee to assume the associated lien and debt. It outlines the details of the property, the loan amount, and the monthly payment due. Key features include the explicit agreement of the Grantor to convey the property, the Grantee's acceptance of the obligation to repay the existing debt, and the conditions regarding lender consent for the assumption of the loan. The form requires the parties' signatures and notarization to ensure its validity. This agreement is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions. They will appreciate its clarity in defining responsibilities, the financial implications of the property transfer, and ensuring that all parties are legally protected during the transaction. Proper filling and editing of the form are essential, including accurate property details and financial information to avoid disputes.
Free preview
