A Real Estate Assumption Agreement is a legal document that allows one party to take over the payments and responsibilities of a real estate loan from another party. This type of agreement is typically used when a buyer wishes to purchase a property from a seller and take over the seller’s existing loan. The seller transfers their mortgage to the buyer, and the buyer assumes the loan as their own. There are two main types of Real Estate Assumption Agreements: voluntary assumption and compulsory assumption. A voluntary assumption allows the buyer and seller to agree to the terms of the assumption, while a compulsory assumption requires the lender to approve the transfer of the loan to the new buyer. The agreement includes information such as the length of the loan, the interest rate, and any additional fees or costs associated with the assumption. It also outlines the rules for repayment of the loan, and any stipulations that must be met before the assumption is complete.
Legal Definition Of Assignment And Assumption Agreement
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