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.
Simple Assumption Agreement Form In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-00424
Format:
Word;
Rich Text
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This mortgage assumption agreement allows a new borrower ("Borrower") to assume an existing mortgage from the original borrower. 1. Read the agreement carefully to understand the obligations.A mortgage assumption is the process of a buyer taking over, or assuming, the seller's existing home mortgage. A loan assumption is a lending process where a borrower formally takes over or "assumes" a current home loan from a home seller. Get to grips with assumption agreements. This simple guide explains their purpose, key elements, and how they affect your business dealings.