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 Massachusetts
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Multi-State
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US-00424
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It allows one party to "assume" the rights and responsibilities of the other party. This type of agreement transfers the obligations of one party under a contract to another party.This Standard Document contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. An assumable mortgage is one that allows a different party to take over the alreadyexisting loan obligations a previous homeowner. Mortgage assumption allows a buyer to take on the original loan balance at the original terms, but it doesn't account for any home equity the seller has built. Assuming a mortgage in a divorce means taking over the existing mortgage on your marital home solely in your name.