Assumption Deed
Assumption Deed
This Assumption Deed ("Deed") is made on [Date], between [Your Company Name], a Legal Entity with its principal place of business at [Your Company Address], hereinafter referred to as the "Transferor", and [Transferee Name], an Individual with its principal address at [Transferee Address], hereinafter referred to as the "Transferee".
Whereas, the Transferor is currently the holder of a mortgage/debt secured by the property located at [Property Address], legally described as [Legal Description of Property], hereinafter referred to as the "Property"; and
Whereas, the Transferee desires to assume all rights, obligations, and liabilities of the Transferor under the aforementioned mortgage/debt;
Now, therefore, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
I. Assumption of Mortgage/Debt
The Transferor hereby transfers, conveys, and assigns to the Transferee all of its rights, obligations, and liabilities under the mortgage/debt secured by the Property.
II. Indemnification
The Transferee agrees to indemnify, defend, and hold harmless the Transferor from and against any claims, damages, liabilities, losses, costs, and expenses arising out of or related to the assumption of the mortgage/debt.
III. Notice to Lender
The Transferor agrees to provide written notice to the lender holding the mortgage/debt of this transfer and obtain any necessary consent or approval required under the terms of the mortgage/debt.
IV. Governing Law
This Deed shall be governed by and construed by the laws of [State/Country].
V. Entire Agreement
This Deed constitutes the entire agreement between the parties concerning the subject matter hereof. It supersedes all prior and contemporaneous agreements and understandings, whether oral or written, relating to such subject matter.
IN WITNESS WHEREOF, the parties have executed this Assumption Deed as of the date first above written.
By: [Your Name]
[Your Company Name]
[Date]
Transferor
[Transferee Name]
[Date]
Transferee Name
Witness 1
[Witness 1 Name]
[Date]
Witness 2
[Witness 2 Name]
[Date]
VI. Acknowledgment
On this [Date], before me, [Notary's Name], a notary public in and for the said state, personally appeared [Your Name] and [Transferee Name], known to me (or proved to me based on satisfactory evidence) to be the persons whose names are subscribed to the preceding instrument, and acknowledged to me that they executed the same in their authorized capacities and that by their signatures on the instrument, the persons, or the entity upon behalf of which the persons acted, executed the instrument.
Witness my hand and official seal.
Notary Public: [NOTARY'S NAME]
My Commission Expires: [EXPIRATION DATE]
