Sandra Day O'Connor College of Law, Arizona State University
2003 - 2006
District Award of Merit
Boy Scouts of America, Silver Creek District
Landlord Tenant Law-comparing commercial and residential aspects, Continuing Legal Education , Show Low, AZ
Q. My fiance and I are trying to assume her parents property in AZ. We live in WA and not sure how the process would work.
A: If you are not willing to or able to qualify to purchase the property, there are two ways to accomplish what you describe. First, you can do what is called a Assumption--where you folks are let out of the payments and you are substituted in their place. Whether this is possible will depend upon your credit worthiness and whether the bank considers you to be a better risk than the folks. The other is called an Assignment--where your folks assign their rights to you, but if you default on the payments they will still be on the hook. All contracts are assignable as long as the rights and obligations under the contract are not changed or unless the contract forbids it. Either way, you are going to want to consult with an attorney on the specifics of your matter.
May 16, 2019
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I accept contingencies in collection matters.
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