This form is an Assumption Agreement. The grantor desires to convey certain property to the grantee and the grantee agrees to assume the lien and the loan. The agreement must also be signed in the presence of a notary public.
Montana Loan Assumption Agreement
Category:
State:
Multi-State
Control #:
US-00561
Format:
Word;
Rich Text
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How to fill out Loan Assumption Agreement?
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FAQ
An assumption clause is a provision in a mortgage contract that allows the seller of a home to pass responsibility for the existing mortgage to the buyer of the property. In other words, the new homeowner assumes the existing mortgage and?along with it?ownership of the property that secures the loan.
Updated March 7, 2022. In real estate transactions, an assumption agreement allows a third party to ?assume? or take over the loan of the property's seller. Mortgages may be assumed when the house is sold, a divorcing spouse is awarded the property in a settlement or when someone inherits property.
Assumption of Obligations. New Borrower covenants, promises, and agrees that New Borrower, jointly and severally if more than one, will unconditionally assume and be bound by all terms, provisions, and covenants of the Assumed Loan Documents as if New Borrower had been the original maker of the Assumed Loan Documents.
A Loan Assumption occurs when a purchaser of a property assumes the existing mortgage loan debt of the original customer (who is now ?selling? the home and loan debt to the new buyer). Loan assumptions must be approved by the lender.
A loan assumption agreement is an agreement between a lender, original borrower, and a new borrower, where the new borrower agrees to assume responsibility for the debt owed by original borrower.
The effective date of this Assumption Agreement shall be the date the Memorandum of Assumption Agreement is recorded in the Official Records.
The Bank hereby consents to the sale, transfer, and conveyance of the Property by the Borrower to the Buyer, provided, however, that the Buyer hereby agrees to assume all obligations of the Borrower under the Mortgage, which obligations the Buyer hereby affirms and assumes.