Assumption Of Agreement Meaning In Utah

Category:

Loans and Lending - Assumptions

State:

Multi-State

Control #:

US-00424

Format:

Instant download

Description

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.

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This type of agreement transfers the obligations of one party under a contract to another party. It allows one party to "assume" the rights and responsibilities of the other party.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. Loan assumption is a process where the buyer of a property takes over, or "assumes," the mortgage loan as well as the property of the seller. An assumable mortgage is one that allows a different party to take over the alreadyexisting loan obligations a previous homeowner.

Assumption Of Agreement Meaning In Utah

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