Sba Loan Authorization And Agreement Form In Franklin

• Category: Small Business - Loans and Lending
• State: Multi-State
• County: Franklin
• Control #: US-00193
• Format: Word; Rich Text

Description

The Sba loan authorization and agreement form in Franklin is designed to facilitate the assumption of a loan originally undertaken by a borrower, allowing new parties to assume responsibility for the debt. This form is critical for maintaining clear records and responsibilities when the ownership of the property changes, ensuring that new owners, referred to as 'Assumptors,' formally acknowledge their obligations. It includes sections for details on the original loan, including the amount, relevant dates, and the agreements made between the parties involved. Key features of the form include the requirement for consent from the Small Business Administration to ensure both the borrower and new assumer remain liable for the loan terms. Filling in the form is straightforward, requiring clear and accurate information about the loan, parties involved, and any necessary acknowledgments. Attorneys, partners, owners, associates, paralegals, and legal assistants benefit from this form as it helps them manage client obligations, ensure compliance with loan terms, and protect their clients' financial interests during property transitions. The document also mandates notarization, which adds an extra layer of legal integrity to the agreement. This form is particularly useful in real estate transactions involving SBA loans and assists in avoiding any potential disputes over payment responsibilities.