An Assumption Transaction is the transfer of responsibility for repaying a previously obtained loan.
A real estate buyer may “assume” a loan on the property already in existence between the lender and the seller.
After an agreement has been signed, the new buyer will take over payments and receive the property.
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In an assumption transaction, the buyer takes title to property by virtue of an “assumption deed” that typically contains both a vendor’s lien and general or special warranties. Continue reading “Texas Assumption Transactions”