Form RW16-18 Assumption Agreement - California

What Is Form RW16-18?

This is a legal form that was released by the California Department of Transportation - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the RW16-18 Assumption Agreement?A: The RW16-18 Assumption Agreement is a legal document used in California.

Q: What does the RW16-18 Assumption Agreement do?A: The RW16-18 Assumption Agreement is used to transfer an existing real estate loan from one party to another.

Q: Who is involved in the RW16-18 Assumption Agreement?A: The parties involved in the RW16-18 Assumption Agreement are the current borrower, the new borrower, and the lender.

Q: When is the RW16-18 Assumption Agreement used?A: The RW16-18 Assumption Agreement is used when someone wants to assume the existing mortgage or loan on a property they are purchasing.

Q: Are there any requirements to use the RW16-18 Assumption Agreement?A: Yes, both the current borrower and the new borrower must meet certain qualifications in order to use the RW16-18 Assumption Agreement.

Q: Can the lender refuse to allow an assumption of a loan through the RW16-18 Assumption Agreement?A: Yes, the lender has the right to reject the new borrower's assumption of the loan.

Q: What happens to the original borrower's liability after the RW16-18 Assumption Agreement is signed?A: Once the RW16-18 Assumption Agreement is signed, the original borrower is no longer liable for the loan.

Q: Do I need a lawyer to fill out the RW16-18 Assumption Agreement?A: While not required, it's advisable to consult with a lawyer to ensure all legal requirements are met when filling out the RW16-18 Assumption Agreement.

Q: Can the terms of the loan be changed through the RW16-18 Assumption Agreement?A: No, the RW16-18 Assumption Agreement only transfers the existing loan and does not change its terms.