Cambridge Massachusetts Assumption Agreement of Mortgage and Release of Original Mortgagors

• Category: Massachusetts Real Estate - Mortgages and Deeds of Trust
• State: Massachusetts
• City: Cambridge
• Control #: MA-ED1014
• Format: Word; Rich Text

Description

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. The Cambridge Massachusetts Assumption Agreement of Mortgage and Release of Original Mortgagors is a legal document that outlines the terms and conditions for transferring the responsibility of a mortgage from the original mortgagors to a new party, known as the assumption. This agreement is commonly used when a property is sold or transferred to a new owner, who agrees to assume the outstanding mortgage. The Assumption Agreement of Mortgage and Release of Original Mortgagors typically includes key details such as the names and contact information of all parties involved, the property address, and the original mortgage terms. It states that the original mortgagors are released from their obligations and liabilities under the mortgage, and assigns these responsibilities to the assumption. Keywords: 1. Cambridge Massachusetts: This refers to the specific city where the agreement is taking place — Cambridge, Massachusetts. 2. Assumption Agreement: This highlights the main purpose of the document, which is to transfer the mortgage responsibilities to a new party. 3. Mortgage: The agreement pertains to a legal contract in which a loan is secured by the borrower's property. It is necessary for the transfer of property ownership. 4. Release of Original Mortgagors: This part emphasizes that the original mortgagors are being released from their responsibilities once the assumption agreement is signed. Different types of Cambridge Massachusetts Assumption Agreement of Mortgage and Release of Original Mortgagors might include variations based on specific conditions or additional clauses. For instance, there could be variations for commercial properties, residential properties, or specific situations such as refinancing. However, without specific information on the types of variations or subtypes involved, it's challenging to provide a comprehensive list of them.

The Cambridge Massachusetts Assumption Agreement of Mortgage and Release of Original Mortgagors is a legal document that outlines the terms and conditions for transferring the responsibility of a mortgage from the original mortgagors to a new party, known as the assumption. This agreement is commonly used when a property is sold or transferred to a new owner, who agrees to assume the outstanding mortgage. The Assumption Agreement of Mortgage and Release of Original Mortgagors typically includes key details such as the names and contact information of all parties involved, the property address, and the original mortgage terms. It states that the original mortgagors are released from their obligations and liabilities under the mortgage, and assigns these responsibilities to the assumption. Keywords: 1. Cambridge Massachusetts: This refers to the specific city where the agreement is taking place — Cambridge, Massachusetts. 2. Assumption Agreement: This highlights the main purpose of the document, which is to transfer the mortgage responsibilities to a new party. 3. Mortgage: The agreement pertains to a legal contract in which a loan is secured by the borrower's property. It is necessary for the transfer of property ownership. 4. Release of Original Mortgagors: This part emphasizes that the original mortgagors are being released from their responsibilities once the assumption agreement is signed. Different types of Cambridge Massachusetts Assumption Agreement of Mortgage and Release of Original Mortgagors might include variations based on specific conditions or additional clauses. For instance, there could be variations for commercial properties, residential properties, or specific situations such as refinancing. However, without specific information on the types of variations or subtypes involved, it's challenging to provide a comprehensive list of them.