Mortgage Assumption Agreement Form In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Mortgage Assumption Agreement Form in Philadelphia is a legal document that allows a purchaser (Grantee) to assume the lien and loan obligations on a property from the current owner (Grantor). Key features of the form include sections to outline the property details, the debt amount, and the monthly payment due. Users must explicitly state whether lender consent is necessary for the assumption. Filling out the form requires accurate information about the parties involved and the properties, ensuring clarity and completeness. The document must be signed in the presence of a notary public to establish its legal validity. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who facilitate property transactions and financing agreements. It helps in transferring mortgage responsibilities between parties, thus enabling seamless ownership transitions. Properly completing this form also protects the interests of both the grantor and grantee by clarifying the terms of the assumption.
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