Assumption Of Agreement Meaning In Massachusetts
Category:
State:
Multi-State
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legal document in Massachusetts that allows a purchaser (Grantee) to assume the existing lien and debt on a property from the seller (Grantor). This agreement outlines the transfer of property, specifically stating the Grantee's commitment to take over the loan obligations secured by a Deed of Trust. Key features of the form include the detailed description of the property, acknowledgment of the debt amount, and the optional requirement for the lender's consent. Users must fill in specific details such as names, amounts, and dates, ensuring clarity in the transfer process. Attorneys, partners, owners, associates, paralegals, and legal assistants may find this form useful when facilitating property transactions that involve existing liens. It aids in clearly documenting the responsibilities between parties involved, protecting their interests and ensuring compliance with Massachusetts law.
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