This Assumption Agreement of Deed of Trust and Release of Original Mortgagors form is for the lender, mortgagees and new purchasers to sign whereby the new purchasers of the property assume and agree to pay the debt to the lender, and the lender releases the original mortgagors from any future liability on the loan.
Gilbert Arizona Assumption Agreement of Deed of Trust and Release of Original Mortgagors In Gilbert, Arizona, an Assumption Agreement of Deed of Trust and Release of Original Mortgagors is a legal document used in real estate transactions involving the transfer of ownership of a property. This agreement allows a new borrower (the "assumption") to assume responsibility for the outstanding debt on an existing mortgage, while the original mortgagors are released from their obligations. The Assumption Agreement of Deed of Trust and Release of Original Mortgagors is typically used when a seller wants to transfer their property to a buyer, who takes over the existing mortgage rather than obtaining a new one. It is important to note that this agreement requires the permission and cooperation of the original lender or financial institution that holds the mortgage. Keywords: Gilbert Arizona, Assumption Agreement, Deed of Trust, Release, Original Mortgagors, real estate transactions, transfer of ownership, outstanding debt, existing mortgage, seller, buyer, lender, financial institution. Types of Gilbert Arizona Assumption Agreement of Deed of Trust and Release of Original Mortgagors: 1. Full Assumption Agreement: In this type of agreement, the assumption takes over the mortgage and assumes full responsibility for the outstanding debt. The original mortgagors are completely released from any liability or obligations related to the mortgage. 2. Partial Assumption Agreement: In some cases, the parties involved may opt for a partial assumption agreement. Here, the assumption agrees to assume responsibility for a portion of the outstanding debt, while the original mortgagors remain liable for the remaining balance. 3. Due-on-Sale Clause Assumption Agreement: In situations where the existing mortgage contains a due-on-sale clause, the assumption and the original mortgagors enter into an agreement that allows the transfer of ownership without triggering the acceleration of the mortgage. This clause stipulates that the entire mortgage balance becomes due in full immediately upon the sale or transfer of the mortgaged property. By entering into this type of assumption agreement, the parties can avoid the enforcement of the due-on-sale clause. It is crucial to consult professional legal and financial advice when engaging in an Assumption Agreement of Deed of Trust and Release of Original Mortgagors' transaction in Gilbert, Arizona, to ensure that all parties involved understand their rights, obligations, and the potential implications of the agreement.Gilbert Arizona Assumption Agreement of Deed of Trust and Release of Original Mortgagors In Gilbert, Arizona, an Assumption Agreement of Deed of Trust and Release of Original Mortgagors is a legal document used in real estate transactions involving the transfer of ownership of a property. This agreement allows a new borrower (the "assumption") to assume responsibility for the outstanding debt on an existing mortgage, while the original mortgagors are released from their obligations. The Assumption Agreement of Deed of Trust and Release of Original Mortgagors is typically used when a seller wants to transfer their property to a buyer, who takes over the existing mortgage rather than obtaining a new one. It is important to note that this agreement requires the permission and cooperation of the original lender or financial institution that holds the mortgage. Keywords: Gilbert Arizona, Assumption Agreement, Deed of Trust, Release, Original Mortgagors, real estate transactions, transfer of ownership, outstanding debt, existing mortgage, seller, buyer, lender, financial institution. Types of Gilbert Arizona Assumption Agreement of Deed of Trust and Release of Original Mortgagors: 1. Full Assumption Agreement: In this type of agreement, the assumption takes over the mortgage and assumes full responsibility for the outstanding debt. The original mortgagors are completely released from any liability or obligations related to the mortgage. 2. Partial Assumption Agreement: In some cases, the parties involved may opt for a partial assumption agreement. Here, the assumption agrees to assume responsibility for a portion of the outstanding debt, while the original mortgagors remain liable for the remaining balance. 3. Due-on-Sale Clause Assumption Agreement: In situations where the existing mortgage contains a due-on-sale clause, the assumption and the original mortgagors enter into an agreement that allows the transfer of ownership without triggering the acceleration of the mortgage. This clause stipulates that the entire mortgage balance becomes due in full immediately upon the sale or transfer of the mortgaged property. By entering into this type of assumption agreement, the parties can avoid the enforcement of the due-on-sale clause. It is crucial to consult professional legal and financial advice when engaging in an Assumption Agreement of Deed of Trust and Release of Original Mortgagors' transaction in Gilbert, Arizona, to ensure that all parties involved understand their rights, obligations, and the potential implications of the agreement.
