An Assumption Agreement is a legal document that outlines an agreement between two or more parties to transfer the rights and obligations of a particular contract or debt from one party to another. It is typically used in real estate transactions when a buyer assumes the seller’s mortgage or loan. There are two primary types of Assumption Agreements: an Assumption Agreement without Release, where the original borrower remains liable for the debt, and an Assumption Agreement with Release, where the original borrower is relieved of any future liability for the debt. The Assumption Agreement states the amount owed, the terms of the loan, and the transfer of rights and obligations from the original borrower to the new borrower. Both the original borrower and the new borrower must sign the agreement in order for it to be legally binding.
Assumption Agreement
Description
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