Assumption Of Agreement Meaning In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legal document in Phoenix that outlines the agreement between a Grantor and a Grantee regarding property ownership and the assumption of an existing lien and loan. In this agreement, the Grantor transfers ownership of certain property to the Grantee, who agrees to take on the responsibilities associated with the existing loan secured by a Deed of Trust. Key features of the form include the description of the property, the amount of debt being assumed, payment terms, and any requirements for lender consent. To fill out the form, users must accurately provide information regarding the parties involved, the property details, and the terms of the debt assumption. The form serves various target audiences effectively, including attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a structured way to handle complex property transfers and financial obligations. This document is particularly useful in real estate transactions where properties with existing liens are being sold or conveyed, ensuring all parties understand their rights and obligations under the agreement.
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