Simple Assumption Agreement Form In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Simple Assumption Agreement Form in Philadelphia is designed for parties involved in the assumption of a property loan where one party (the Grantor) wishes to transfer property and the associated debt to another party (the Grantee). This form stipulates the details regarding the property, including the loan amount, payment terms, and the parties' responsibilities toward the debt. Users complete the form by providing specific property details and sign it in the presence of a Notary Public, ensuring the authenticity of the agreement. The form is crucial for attorneys, partners, owners, and legal professionals as it facilitates the legal transition of property ownership while protecting all parties' interests. It is particularly useful in real estate transactions and refinancing situations where liability for existing debt is being transferred. Paralegals and legal assistants may serve an essential role in gathering information, preparing the document, and ensuring compliance with local regulations. Overall, this form serves as a foundational tool for managing real estate financing assignments in a clear and structured manner.
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