An Addendum to Purchase Agreement — Assumption Financing is a legal document that is added to an existing purchase agreement to modify the terms of the original agreement. This addendum outlines the terms and conditions of a new financing agreement between the buyer and seller. It may include provisions such as the buyer assuming the seller's existing loan, the buyer being responsible for all closing costs, and the seller paying off any remaining balance on the loan. There are two types of Addendum to Purchase Agreement — Assumption Financing: 1. Seller Financing Addendum: This addendum outlines the terms and conditions of the seller financing the purchase of the property. It includes the amount of the loan, the interest rate, the repayment schedule, and the loan term. 2. Buyer Financing Addendum: This addendum outlines the terms and conditions of the buyer financing the purchase of the property. It includes the amount of the loan, the interest rate, the repayment schedule, and the loan term. Both types of Addendum to Purchase Agreement — Assumption Financing must be signed by both parties in order for them to be legally binding.
Addendum to Purchase Agreement - Assumption Financing
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