Make sure that the agreement states the date on which the loan assumption will take effect. Ensure all necessary financial information is accurately provided.Which loan servicers were involved in the assumption? Cannot find a proper nj contract sale form? Look in FormsPal's database! Thinking of taking on a mortgage from a family member? Then you'll likely look into a mortgage assumption agreement. A collective term encompassing obligating documents for a loan, including any applicable promissory note, assumption agreement, or grant agreement.