A Loan Assumption Agreement becomes necessary when an existing borrower wishes to transfer their loan obligations to another party, commonly seen in real estate transactions or business transfers. This document type is particularly relevant in the United States where strict federal and state regulations govern lending practices. The agreement must comply with various laws including TILA, RESPA, and state-specific lending requirements. A properly structured Loan Assumption Agreement will detail the original loan terms, specify any modifications, outline the assuming party's obligations, and address whether the original borrower is released from liability. It's particularly common in mortgage assumptions where FHA or VA loans are involved, as these often have specific assumption provisions built into their terms.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Ƶ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identifies original lender, new borrower, and original borrower
2. Background: Details of original loan and circumstances leading to assumption
3. Definitions: Key terms used throughout the agreement including loan amount, interest rate, and payment terms
4. Assumption Terms: Core terms of assumption including amount being assumed, interest rate, payment schedule, and effective date
5. Representations and Warranties: Statements of fact by assuming party regarding their capacity and ability to assume the loan
6. Conditions Precedent: Requirements that must be met before assumption becomes effective
7. Covenants: Ongoing obligations of the assuming party under the loan
1. Release of Original Borrower: Terms and conditions for releasing the original borrower from their obligations under the loan
2. Security Provisions: Details of any collateral or security arrangements supporting the loan
3. Insurance Requirements: Specific insurance obligations required to maintain the loan
4. Default and Remedies: Consequences and available remedies in case of default under the assumed loan
1. Schedule A - Original Loan Agreement: Copy of the original loan agreement being assumed
2. Schedule B - Payment Schedule: Detailed schedule of payments under the assumed loan
3. Schedule C - Property Description: Legal description of any real property securing the loan
4. Schedule D - Due Diligence Documents: Financial statements, credit reports, and other documentation of assuming party
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
Find the exact document you need
Tooling Agreement
An England & Wales agreement outlining rights and duties for industrial tooling creation, use, and maintenance.
find out more
Residential Tenancy Agreement Standard Form Of Lease
An England & Wales lease agreement establishing an Assured Shorthold Tenancy under the Housing Act 1988.
find out more
Representation Agreement
An England & Wales legal document authorizing a representative to conduct specified business activities on a principal's behalf.
find out more
Provisional Agreement
An England & Wales legal document establishing interim terms during ongoing negotiations for complex transactions.
find out more
Preliminary Agreement
An England & Wales legal document outlining preliminary terms for significant transactions or relationships before detailed negotiations.
find out more
Notary Rent Agreement
An England & Wales rental contract authenticated by a Notary Public for enhanced legal certainty and compliance.
find out more
Model Tenancy Agreement
An England & Wales legal template for residential lettings, detailing landlord-tenant obligations and compliance requirements.
find out more
Lease With Option To Buy
An England & Wales lease agreement offering tenants a future property purchase option with specified terms.
find out more
Lease And Licence Agreement
An England & Wales legal document granting property occupation and usage rights through lease and licence provisions.
find out more
Land Agreement Between Two Parties
An England & Wales legal document transferring land interests and establishing rights between two parties.
find out more
Employer Tuition Reimbursement Agreement
An England & Wales document assessing business continuity risks and strategies for operational resilience and regulatory compliance.
find out more
Contract Agreement Between Two Parties
An England & Wales agreement authorizing freight agents, detailing territory, commissions, and compliance in logistics.
find out more
Common Terms Agreement
An England & Wales contract defining freight agent duties, compensation, and compliance for international logistics operations.
find out more
Buyer Agency Agreement
A legal contract authorizing a real estate agent to represent a buyer in property transactions.
find out more
Subordination Agreement Mortgage
An English law agreement establishing priority ranking between multiple mortgage securities over the same property.
find out more
Statement Of Agreement
A formal document under English and Welsh law recording mutual understanding and agreement between parties regarding specific terms and conditions.
find out more
Rent In Exchange For Services Agreement
An English law agreement establishing terms for rent-free accommodation in exchange for specified services.
find out more
Preliminary Contract
An English law agreement setting out initial terms and conditions between parties before finalizing a detailed contract.
find out more
Catering Contract
A legally binding agreement for catering services under English and Welsh law, establishing terms between food service providers and clients.
find out more
Lease Agreement
An England and Wales-governed agreement between landlord and tenant establishing terms for property rental and occupation.
find out more
Security Agreement Form
An English law document creating security interests over assets to secure obligations owed to a secured party.
find out more
Business Cooperation Agreement
A formal agreement governing business collaboration between parties, regulated under English and Welsh law.
find out more
Terms Of Business Agreement
A legally binding agreement under English and Welsh law that establishes the core terms and conditions for business relationships between commercial entities.
find out more
Consulting Agreement
A legally binding agreement under English and Welsh law that establishes terms for consulting services between a consultant and client.
find out more
Professional Services Retainer Agreement
An English law agreement establishing terms for ongoing professional services delivery between provider and client.
find out more
Head Of Terms Agreement
A preliminary agreement under English and Welsh law outlining key terms and conditions for a proposed business transaction or arrangement.
find out more
Supply Contract Form
A legally binding agreement under English and Welsh law governing the supply of goods or services between parties.
find out more
Business Contract
A legally binding commercial agreement between business entities, governed by English and Welsh law.
find out more
Dispute Resolution Agreement
An English law agreement setting out procedures for resolving disputes between parties through mediation, arbitration, and other resolution methods.
find out more
Umbrella Agreement
A master agreement under English and Welsh law that establishes core terms for multiple future contracts between parties.
find out more
Software Agreement Contract
An English law agreement governing software licensing, usage, and maintenance terms between provider and licensee.
find out more
Professional Services Contract
An English law-governed agreement establishing terms and conditions for professional service delivery between service provider and client.
find out more
Consulting Services Agreement
An England and Wales-governed agreement setting out terms for the provision of professional consulting services between a consultant and client.
find out more
Assignment And Assumption Agreement
A legal document under English and Welsh law that transfers rights and obligations from one party to another, with the receiving party assuming associated responsibilities.
find out more
Yearly Contract Agreement
A US-governed agreement establishing terms and conditions for a twelve-month contractual relationship between parties.
find out more
Work For Hire Agreement
A U.S.-governed agreement establishing ownership rights and terms for work created by a contractor for a hiring party, under copyright law.
find out more
Work Contract
A legally binding employment agreement that establishes terms and conditions of employment under U.S. federal and state laws.
find out more
White Label Agreement
A U.S.-governed agreement enabling one company to rebrand and sell another company's products or services under their own brand name.
find out more
Website Development Agreement
A U.S.-compliant legal agreement between a website developer and client establishing terms for website development services, including scope, timeline, and deliverables.
find out more
Website Contract
A U.S.-governed legal agreement between website developers and clients defining website development terms and obligations.
find out more
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)