Assumption Of Agreement Meaning In King

Category:

Loans and Lending - Assumptions

State:

Multi-State

County:

King

Control #:

US-00424

Format:

Instant download

Description

This form is an Assumption Agreement. The form provides that the grantee will assume a lien on property described in the agreement. The assumption will become effective on the date provided in the agreement.

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This type of agreement transfers the obligations of one party under a contract to another party. An assumption clause in a mortgage contract allows a home's seller to pass responsibility for the existing mortgage to the new homebuyer.A mortgage assumption is the process of a buyer taking over, or assuming, the seller's existing home mortgage. A mortgage assumption agreement is basically you coming in and saying sign this paperwork I'm still responsible for the mortgage. An Assumption Agreement is a legal document through which one party transfers its obligations or duties under a contract to another party. In real estate transactions, an assumption agreement allows a third party to "assume" or take over the loan of the property's seller. Meanings assigned to those terms in the Purchase and Assumption Agreement. (a).

Assumption Of Agreement Meaning In King

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