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 Texas
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Multi-State
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US-00424
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The agreement means that the buyer or grantee in the deed takes the property, assuming the debt currently on the property. This type of agreement transfers the obligations of one party under a contract to another party.It allows one party to "assume" the rights and responsibilities of the other party. It simply means that whomever gets awarded the house will assume the mortgage payments. This Addendum is used when the Buyer is assuming Seller's existing loan. 41-3 Redline 11.2022. An agreement to be used when a party transfers specified contracts to another party under Texas law, including an assignment of all of its contractual rights.