Common Contracts
1 similar Assumption of Debt Agreement contracts
Assumption of debt agreement formAssumption of Debt Agreement • May 1st, 2023
A Debt Assignment and Assumption Agreement is a very simple document whereby one party assigns their debt to another party, and the other party agrees to take that debt on. The party that is assigning the debt is the original debtor; they are called the assignor. The party that is assuming the debt is the new debtor; they are called the assignee. The debt is owed to a creditor. This document is different than a Debt Settlement Agreement, because there, the original debtor has paid back all of the debt and is now free and clear. Here, the debt still stands, but it will just be owed to the creditor by another party. This is also different than a Debt Acknowledgment Form, because there, the original debtor is simply signing a document acknowledging their debt. How to use this document This document is extremely short and to-the-point. It contains just the identities of the parties, the terms of the debt, the debt amount, and the signatures. It is auto-populated with some important contrac
