Assignment And Assumption Agreement Example In Michigan

• Category: Loans and Lending - Assumptions
• State: Multi-State
• Control #: US-00424
• Format: Word; Rich Text

Description

The Assignment and Assumption Agreement example in Michigan serves as a crucial legal document for transferring property ownership and the associated financial responsibilities from one party to another. It outlines the agreement between the Grantor, who is selling the property, and the Grantee, who is purchasing it and taking over the existing lien and debt. Key features of the form include sections for entering the date, property details, debt amounts, and the necessary notation of lender consent. Users need to fill in specific information such as the property description, debt amount, and involved parties for accurate documentation. The form requires notarization, ensuring the agreement's authenticity. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions. They can rely on this agreement to simplify the transfer process and clarify each party's obligations in regard to the property and its lien.