Sba Loan Assumption With Seller In Wayne

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

Description

The Assumption Agreement is a formal document that facilitates the SBA loan assumption process between a borrower and new buyers (assumptors) in Wayne. This agreement outlines the obligations of all parties involved, specifically detailing that the assumptor will take over the loan payments originally owed by the borrower to the Small Business Administration (SBA). It emphasizes that while the assumptor gains responsibility for the loan, the original borrower remains liable should any further obligations arise. The form includes crucial elements such as loan amount, property descriptions, and signatures from relevant parties, necessitating notarization. It is particularly valuable for attorneys, partners, owners, associates, paralegals, and legal assistants who manage real estate transactions involving SBA loans, ensuring that they are compliant with legal requirements. The form also allows for modifications or adjustments in agreements between the parties and the SBA. Proper filling and editing are crucial for validity, requiring detailed entries about property records and consent from the SBA. This agreement can be utilized in various scenarios, including business acquisitions, partnerships, and asset transfers, providing clarity in the transfer of financial responsibilities.