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.
Simple Assumption Agreement Form In Houston
Category:
State:
Multi-State
City:
Houston
Control #:
US-00424
Format:
Word;
Rich Text
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This Addendum is used when the Buyer is assuming Seller's existing loan. 41-3 Redline 11.2022.1. Read the agreement carefully to understand the obligations. An assumption transaction may be accomplished with or without consent of the lender. The transaction involves only a title transfer. In a deed of trust to secure assumption, another person assumes the note already in place, guaranteeing payment to the grantor in the deed. This document gives the Seller a lien on the property to secure the Buyer's promise to pay the mortgage.