Eidl Loan Assumption With Purchase Agreement In Phoenix

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

Description

The EIDL Loan Assumption with Purchase Agreement in Phoenix is a legal document that facilitates the transfer of liability for an Economic Injury Disaster Loan from the original borrower to a new party, known as the assumptor. This form outlines the obligations of both the borrower and the assumptor in relation to the Small Business Administration loan. Key features include the specification of loan details, property descriptions, and the consent requirements from the SBA for the assumption to take effect. The document must be filled in accurately with personal and loan information before submission. Users should ensure that all terms and conditions are clearly understood and agreed upon prior to signing. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, as it enables the continuation of loan obligations without interruption. It serves as a protective measure, ensuring that all parties are aware of their responsibilities and liabilities under the existing loan agreement. Understanding how to properly fill out and edit this document is crucial for ensuring compliance with SBA requirements and mitigating risks associated with loan assumptions.