Assumption Of Agreement Meaning In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legal document that formalizes the transfer of property ownership from a Grantor to a Grantee, along with the assumption of an existing lien and debt on the property. This agreement specifies the details of the property being conveyed and acknowledges the Grantee's obligation to take on the debt secured by a Deed of Trust. Key features include sections for identifying the parties involved, property description, the amount of debt, and the conditions under which the assumption is valid, such as the need for lender consent. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to facilitate property transactions while ensuring that all obligations and liabilities are properly transitioned. Filling out the form requires careful attention to detail, including the correct identification of parties and accurate financial information. Editing instructions emphasize the need to insert specific dates and amounts, ensuring clarity and legal compliance. Overall, this form is crucial for anyone involved in real estate transactions where debt assumption is necessary.
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