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An assumption agreement typically occurs in real estate transactions, allowing a buyer to take over the seller's mortgage payments. The buyer assumes the payments and must obtain agreement from all parties, including the lender, to be recognized as the new borrower. While the new borrower becomes responsible for the loan, most lenders do not release the original borrower from liability, meaning both parties remain accountable for the loan. In summary, an assumption agreement involves the lender, the original borrower, and the new borrower taking over loan payments. For further questions, the speaker invites viewers to call.
