California Real Estate Assumption Agreement with Instruction Sheet

• Category: California Real Estate - Assumptions
• State: California
• Control #: CA-RE-A-10101-1
• Format: Word; Rich Text

Description

This is a sample Real Estate Assumption Agreement with Instruction Sheet. An assumption clause is a provision in a mortgage contract that allows the seller of a home to pass responsibility for the existing mortgage to the buyer of the property. The new homeowner assumes the existing mortgage and—along with it—ownership of the property that secures the loan. The form may be customized to suit your needs. California Real Estate Assumption Agreement with Instruction Sheet is a document used when the current owner of a property transfers the ownership of the property to a new owner. This document includes an agreement between the parties that outlines the new owner's responsibility for the existing mortgage debt. The document also includes instructions on how to fill out the forms and instructions for filing the forms with the appropriate governmental entity. There are two types of California Real Estate Assumption Agreement with Instruction Sheet: 1) California Residential Property Assumption Agreement with Instruction Sheet — This document is used when the new owner is assuming the existing mortgage debt on a residential property. The agreement outlines the terms of the assumption, such as the amount of the debt and the monthly payments. 2) California Commercial Property Assumption Agreement with Instruction Sheet — This document is used when the new owner is assuming the existing mortgage debt on a commercial property. The agreement outlines the terms of the assumption, such as the amount of the debt and the monthly payments. It also includes additional information specific to commercial properties, such as the type of lease and any additional fees or taxes. The Instruction Sheet provides step-by-step instructions on how to fill out the forms and submit them to the appropriate governmental entity. It also includes information on any additional documents that may be required, such as a copy of the deed or proof of insurance.

California Real Estate Assumption Agreement with Instruction Sheet is a document used when the current owner of a property transfers the ownership of the property to a new owner. This document includes an agreement between the parties that outlines the new owner's responsibility for the existing mortgage debt. The document also includes instructions on how to fill out the forms and instructions for filing the forms with the appropriate governmental entity. There are two types of California Real Estate Assumption Agreement with Instruction Sheet: 1) California Residential Property Assumption Agreement with Instruction Sheet — This document is used when the new owner is assuming the existing mortgage debt on a residential property. The agreement outlines the terms of the assumption, such as the amount of the debt and the monthly payments. 2) California Commercial Property Assumption Agreement with Instruction Sheet — This document is used when the new owner is assuming the existing mortgage debt on a commercial property. The agreement outlines the terms of the assumption, such as the amount of the debt and the monthly payments. It also includes additional information specific to commercial properties, such as the type of lease and any additional fees or taxes. The Instruction Sheet provides step-by-step instructions on how to fill out the forms and submit them to the appropriate governmental entity. It also includes information on any additional documents that may be required, such as a copy of the deed or proof of insurance.