Apr 73, 2023 — Up Contract. A loan assumption occurs when a buyer takes over the seller's existing mortgage on a property.This arrangement can offer benefits to all parties involved. In Spanish, an assignment and assumption agreement is referred to as "acuerdo de cesión y asunción". Assumption agreement. Acuerdo de asunción de deuda. An Acknowledgment of Paternity (AOP) is a legal document that allows parents who aren't married to establish legal paternity.