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An assumption agreement is typically seen in real estate transactions where the buyer takes over the mortgage payments of the seller. The buyer assumes these payments and becomes responsible for making them. All parties must agree to the assumption agreement, with the lender recognizing the buyer as the new borrower. However, most lenders do not release the seller from liability. The assumption agreement involves the lender, the borrower, and the individual taking over the loan payments. If you have any questions, call 727.