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.
Assumption Of Agreement Meaning In King
Category:
State:
Multi-State
County:
King
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
More info
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).