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.
College Station Texas Assumption Agreement of Deed of Trust and Release of Original Mortgagors is a legal document that outlines the terms and conditions of transferring ownership of a property from one party to another while assuming an existing mortgage loan. This agreement allows the new owner, known as the "Assuming Party," to take over the obligations and responsibilities of the original mortgagor, known as the "Original Mortgagor." Keywords: College Station Texas, assumption agreement, deed of trust, release, original mortgagors. There are different types of College Station Texas Assumption Agreement of Deed of Trust and Release of Original Mortgagors, including: 1. Non-Disturbance Agreement: This type of assumption agreement ensures that the original mortgagors will not be disturbed by any changes or defaults in the mortgage terms, even after the property ownership is transferred. 2. Novation Agreement: In this scenario, the assumption agreement includes a novation clause, which essentially replaces the original mortgagor's liability with that of the assuming party. This releases the original mortgagors from any further obligations or responsibility for the mortgage loan. 3. Subject-to Agreement: This is a common type of assumption agreement where the assuming party takes over the property ownership and agrees to make the mortgage payments, but without assuming any legal liability for the loan. The original mortgagors remain responsible for the loan, but the assuming party gains control over the property. 4. Partial Assumption Agreement: This agreement allows for the assumption of only a portion of the original mortgage loan. The assuming party takes ownership of a specific portion of the property, while the original mortgagors retain ownership of the remaining portion. The deed of trust is modified accordingly to reflect the partial assumption. 5. Full Assumption Agreement: In this type of assumption agreement, the assuming party takes over the entire mortgage loan amount and becomes solely responsible for all future mortgage payments, while the original mortgagors are fully released from any obligation. It is essential for both parties involved in a College Station Texas Assumption Agreement of Deed of Trust and Release of Original Mortgagors to carefully review and understand the terms outlined in the agreement. Consulting with an experienced real estate attorney is highly recommended ensuring a smooth and legally-binding transaction.
