Assumption Of Agreement Meaning In New York
Category:
State:
Multi-State
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement in New York refers to a legal document where one party, known as the Grantee, assumes the responsibilities of a loan and the associated lien against a property owned by another party, referred to as the Grantor. This agreement is crucial in real estate transactions where the Grantee agrees to take on the existing debt secured by the property, thereby relieving the Grantor of this financial obligation. Key features of this agreement include the detailed description of the property, the specific obligations the Grantee is assuming, and any necessary consents required from lenders involved in the original loan. To complete the form, users need to fill in the date, property details, lien amount, monthly payment, and signatures of both parties, along with notarization for legal validation. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this document to facilitate smooth property transfers while ensuring compliance with financial obligations. It serves as a protective measure for Grantors and clarifies the Grantee's responsibilities, preventing future disputes regarding the property and debt.
Free preview
