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 Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00424
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Word;
Rich Text
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This type of agreement transfers the obligations of one party under a contract to another party. 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. Assignment involves the transfer of an interest or benefit from one person to another.