US Legal Forms
Assumption of Existing Mortgage Addendum

South Dakota Assumption of Existing Mortgage Addendum

Category:

Real Estate - Assumptions

State:

Multi-State

Control #:

US-RE-A-101730-1

Format:

Instant download

Description

This is a sample Assumption of Existing Mortgage Addendum. An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract. 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.The form may be customized to suit your needs.

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