The Santa Clara California Assumption Agreement of Deed of Trust and Release of Original Mortgagors is a legal document commonly used in real estate transactions. It involves the transfer of a mortgage from the original mortgagors to a new party, who assumes the responsibility of repaying the outstanding loan. Keywords: Santa Clara California, assumption agreement, deed of trust, release, original mortgagors, real estate transactions, mortgage transfer, outstanding loan. There are two main types of Santa Clara California Assumption Agreement of Deed of Trust and Release of Original Mortgagors: 1. Simple Assumption Agreement: This type of agreement allows the borrower to transfer the mortgage to a new party without the lender's involvement. The new party takes on the responsibility of repaying the remaining loan amount, assumes all the terms and conditions stated in the original mortgage, and becomes the new legal owner of the property. 2. Novation Assumption Agreement: In this type of agreement, the lender's consent is crucial. The original mortgagors seek approval from the lender to substitute their obligations with the new party. Along with the transfer of the mortgage, the lender's release of liability on the original mortgagors is an essential part of this agreement. The new party assumes the loan with the lender's consent and becomes primarily liable for the outstanding loan. The Santa Clara California Assumption Agreement of Deed of Trust and Release of Original Mortgagors ensures a smooth transfer of property ownership, allowing the original mortgagors to transfer the burden of the mortgage to a new party. It safeguards the interests of all parties involved and ensures a transparent and legally binding mortgage transfer process.
Santa Clara California Assumption Agreement of Deed of Trust and Release of Original Mortgagors
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How to fill out Santa Clara California Assumption Agreement Of Deed Of Trust And Release Of Original Mortgagors?
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