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Assumption Addendum to REPC - Utah Division of Real Estate - realestate utah

Assumption Addendum to REPC - Utah Division of Real Estate - realestate utah 2026

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The document is an Assumption Addendum to a Real Estate Purchase Contract, outlining the terms under which the Buyer will assume an existing loan associated with the property. It details the responsibilities of both Buyer and Seller regarding the loan assumption, including payment of fees, release of liability, and adjustments for any differences in loan balance at settlement. The addendum also specifies conditions for acceptance and potential counteroffers.

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Click ‘Get Form’ to open the Assumption Addendum in the editor.
Begin by entering the Offer Reference Date and the names of the Buyer and Seller, along with the property address. Ensure all details are accurate as they form the basis of your agreement.
In Section 1, specify the amount of the Existing Loan and check applicable boxes regarding what is included in monthly payments. This section is crucial for understanding financial obligations.
Proceed to Section 2 to outline any assumption fees and charges by the Lender. Clearly state any percentage limits on these fees to protect your interests.
In Section 3, indicate whether the sale is conditioned on Seller being released from liability on the Existing Loan. This decision impacts both parties' responsibilities.
Complete Sections 4 and 5 regarding loan balance differences and reserve accounts, ensuring all financial adjustments are noted.
Finally, have both Buyer and Seller sign and date at the bottom of the form, confirming acceptance or counteroffer status as needed.

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What is an assumption agreement?

An assumption agreement is a contractual clause in which one party agrees to take on the obligations and responsibilities of another party as specified in the original agreement.

What is an assumption addendum?

Key Takeaways. An assumption clause allows the seller of a home to pass responsibility for an existing mortgage to the buyer of the property. The new buyer must meet credit and other qualifications. Assumption clauses are attractive when the interest rate on the current mortgage is lower than the current rates.

What is the assumption of mortgage agreement?

What Is an Assumption of Mortgage? An assumption of mortgage occurs when a third persontypically the buyer of mortgaged real propertyagrees to take over the outstanding loan obligations secured by that mortgage.

What does repc mean in real estate?

This is a legally binding Real Estate Purchase Contract (REPC). Utah law requires real estate licensees to use this form. Buyer and Seller, however, may agree to alter or delete its provisions or to use a different form.

What is an assumption agreement in real estate?

A loan assumption agreement is an agreement between a lender, original borrower, and a new borrower, where the new borrower agrees to assume responsibility for the debt owed by original borrower. These agreements are commonly seen in mortgages and real estate.

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How long does it take for a mortgage assumption?

The buyer also has to pay the lender an assumption fee, usually between 0.05% and 1% of the original loan amount. Loan assumptions usually take between 45 and 90 days (but can take longer) to process.

What is an example of an assumption clause?

Example Cases: A home buyer assumed the sellers existing mortgage under an assumption clause. The buyer then defaulted on the loan. The court upheld the assumption clause, holding the buyer responsible for the mortgage debt, as they had agreed to take on the terms of the original loan.

Assumption Addendum to REPC - Utah Division of Real Estate - realestate utah 2026

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