This is a sample Loan Assumption Addendum. This Addendum is attached to and made a part of the Offer to Purchase and Contract (“Contract”) between Seller and Buyer for the. Property. The form may be customized to suit your needs.
If there's a due-on-sale clause, then the lender can demand full payment if the property is sold, making the assumption tricky, like walking a tightrope.
Not all loans are created equal! Most conventional loans aren't assumable, while government-backed loans often are, so it's wise to check first.
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