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.
Assumption Of Agreement Meaning In Pennsylvania
Category:
State:
Multi-State
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
More info
It allows one party to "assume" the rights and responsibilities of the other party. This type of agreement transfers the obligations of one party under a contract to another party.An assignment and assumption agreement assigns contractual rights or intangible personal property (such as intellectual property or goodwill) from one party. The general rule is that a contract is effective when both parties agree (ie, sign the Agreement of Sale) AND acceptance is communicated to the offering party. Mortgage assumption allows a buyer to take on the original loan balance at the original terms, but it doesn't account for any home equity the seller has built.