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Through this Assumption agreement, a purchaser agrees to assume responsibility for an existing promissory note signed by a seller.

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What is assumption and release agreement

An assumption and release agreement is a legal document that allows one party to assume the obligations of another party while releasing the original party from those obligations.

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Who needs assumption and release agreement?

Explore how professionals across industries use pdfFiller.

Assumption and release agreement is needed by:

Real estate buyers assuming a mortgage liability.
Sellers who want to transfer their obligations to a new buyer.
Lenders needing to document the transfer of terms.
Business partners restructuring agreements.

How to fill out the assumption and release agreement

1.

Obtain the template for the assumption and release agreement from pdfFiller.
2.

Open the document in pdfFiller and familiarize yourself with the fields provided.
3.

Begin by entering the date at the top of the agreement.
4.

Input the names of the parties involved in the agreement in the designated areas.
5.

Clearly specify the obligations being assumed in the relevant section.
6.

Provide details about any prior agreements being released, including dates and terms.
7.

Ensure to include any necessary legal disclaimers or conditions that apply to the agreement.
8.

Review the agreement for accuracy, ensuring all information is correct and complete.
9.

Save your filled-out document on pdfFiller, and then download or print it as needed.
10.

Consider having the agreement reviewed by a legal professional before finalizing.