What is the purpose of an assignment and assumption agreement?

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.

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Agreement to Exchange Property - Barter Agreement with Assumption of

Philadelphia Pennsylvania Agreement to Exchange Property - Barter Agreement with Assumption of

Name: Philadelphia Pennsylvania Agreement to Exchange Property - Barter Agreement with Assumption of
Brand: US Legal Forms
Rating: 4.57 (230 reviews)

Category:

Bills of Sale - Contracts

State:

Multi-State

County:

Philadelphia

Control #:

US-02598BG

Format:

Instant download

Description

The purchase price of goods may be paid, in whole or in part, by an exchange for other goods. That is, the transaction may be in part or in whole, a barter or exchange of goods. To the extent that the purchased goods are themselves to be paid for by other goods, the purchaser is a seller with respect to the goods that he or she transfers in payment of the purchase price, and the rights of the parties are determined accordingly.

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FAQ

A barter agreement is a type of document that allows for goods, services, products, and commodities to be traded legally. After signing, you create a legally binding agreement between the parties.

An exchange agreement, also called the exchange contract, is a written agreement between the exchanger and the Qualified Intermediary (QI) defining the transfer of the relinquished property, the ensuing purchase of the replacement property, and the restrictions on the exchange proceeds during the exchange period.

Barter is an alternative method of trading where goods and services are exchanged directly for one another without using money as an intermediary. For instance, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker.

A letter of assumption is a written agreement between a current homeowner and a prospective buyer. The letter states that the buyer agrees to take over the homeowner's debt in the home in exchange for ownership.

A Debt Assignment and Assumption Agreement is a very simple document whereby one party assigns their debt to another party, and the other party agrees to take that debt on. The party that is assigning the debt is the original debtor; they are called the assignor.

An executed original of this Assumption Agreement will be recorded in the Land Records as a modification to the Security Instrument.

A barter agreement is a legal contract that outlines the terms of trade between parties. This could be a trade of goods, services, products, or similar. Barter agreements are often used in place of exchanging cash or monetary payments. This agreement may also be called an "exchange of services" agreement.

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.

Lenders use due-on-sale clauses to prevent the buyer of a property from assuming the current loan at the original interest rate.

An assumption agreement, sometimes called an assignment and assumption agreement, is a legal document that allows one party to transfer rights and/or obligations to another party. It allows one party to "assume" the rights and responsibilities of the other party.

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Philadelphia Pennsylvania Agreement to Exchange Property - Barter Agreement with Assumption of

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