Loan Assumption Agreement Template – US

Important Notice

The information provided here is for general illustration purposes concerning agreements transferring loan obligations. It is not legal advice and should not replace consultation with a qualified attorney experienced in real estate or contractual law. Regulations may differ based on jurisdiction, and modifications might be necessary to ensure compliance with local laws. The user assumes sole responsibility for utilizing this example, and no liability is accepted for any errors, omissions, or consequences resulting from its use without professional legal review.

Please note: This is a sample Loan Assumption Agreement template for the United States, provided for illustrative purposes only. Actual terms may differ based on specific loan agreements and applicable laws.

Loan Assumption Agreement Sample (US)

Parties Involved:

Assuming Borrower: John Doe
Address: 123 Maple Street, Springfield, IL 62704

Original Borrower: Jane Smith
Address: 456 Oak Avenue, Springfield, IL 62705

Loan Details:

Loan Number: 987654321
Lender: ABC Bank
Original Loan Amount: $150,000
Interest Rate: 4.5% per annum
Maturity Date: December 31, 2030

Loan Assumption Terms:

The assuming borrower agrees to assume all rights, obligations, and liabilities under the original loan agreement, effective as of the date of this agreement, and to comply with all applicable terms and conditions.

Responsibilities of Assumer:

The assuming borrower shall make all payments as required under the loan, maintain the property, and adhere to all covenants specified in the original loan agreement.

Governing Law:

This agreement shall be governed by the laws of the State of Illinois. Disputes shall be resolved within the jurisdiction of the Springfield courts.

Additional Provisions:

• The original lender’s consent is required for this assumption.
• This agreement constitutes a complete understanding and supersedes prior agreements regarding the loan.
• The assuming borrower shall provide any necessary documentation and fulfill all conditions required by the lender.

Springfield, ______________________