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Get the free 41-2, LOAN ASSUMPTION ADDENDUM, 12-05-2011. Form 36-8, Addendum for Property Subject...

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PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREE) 12-05-11 EQUAL HOUSING OPPORTUNITY LOAN ASSUMPTION ADDENDUM TO CONTRACT CONCERNING THE PROPERTY AT (Address of Property) A. CREDIT DOCUMENTATION.
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How to fill out 41-2 loan assumption addendum

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How to fill out 41-2 loan assumption addendum:

01
Begin by carefully reading the instructions provided with the form. This will help you understand what information needs to be included and how to properly fill out each section.
02
Fill out the basic information section, including the names of the borrower and the assumptor, the loan number, and the property address.
03
Provide details about the loan being assumed, such as the original loan amount, the interest rate, and the remaining balance.
04
Indicate whether there will be any changes to the terms of the loan upon assumption. This may include modifications to the interest rate, repayment schedule, or other loan terms.
05
If there are any fees or costs associated with the assumption, specify who will be responsible for paying them.
06
If there are any existing liens or encumbrances on the property, disclose them in the addendum.
07
Both the borrower and the assumptor should carefully review the addendum and sign it in the designated spaces.
08
If required, have the addendum notarized to make it legally binding.
09
Submit the completed addendum to the appropriate parties, such as the lender or the loan servicer.

Who needs a 41-2 loan assumption addendum?

01
Individuals who are assuming a loan from another borrower may need to complete a 41-2 loan assumption addendum. This form helps document the transfer of loan responsibility from one party to another.
02
Lenders or loan servicers may require a 41-2 loan assumption addendum in situations where a borrower wants to transfer their loan obligation to a new party.
03
Real estate agents or brokers involved in a loan assumption transaction may also use a 41-2 loan assumption addendum to ensure all necessary information is properly documented.
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The 41-2 loan assumption addendum is a legal document that outlines the terms and conditions of transferring a loan to a new borrower.
The current borrower and the new borrower are required to file the 41-2 loan assumption addendum.
The 41-2 loan assumption addendum must be filled out with all relevant information about the loan transfer, including the names of the current and new borrowers, loan amount, and terms.
The purpose of the 41-2 loan assumption addendum is to formally document the transfer of a loan from one party to another, ensuring that all parties are aware of the new terms and conditions.
The 41-2 loan assumption addendum must include information such as names of parties involved, loan amount, interest rate, payment terms, and any other relevant details about the loan.
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