Assumption Agreement With Release Of Liability In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement with Release of Liability in Kings is a formal document between a purchaser (Grantee) and a seller (Grantor) pertaining to the conveyance of property. This agreement allows the Grantee to assume the existing debt on the property, which is secured by a lien, and obligates them to indemnify the Grantor from future payments associated with this debt. It includes provisions for the description of the property, acknowledgment of lien, and potential need for lender consent. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants, as it clarifies the liabilities and responsibilities tied to property transactions. It ensures that all parties understand their obligations and protects the Grantor from future financial obligations. Users should fill in the pertinent details such as names, dates, and property descriptions and ensure proper notarization for legal validity. The document can be employed in real estate transactions, refinancing, or when a buyer is assuming an existing mortgage, streamlining the process and safeguarding the interests of both parties.
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