A purchase and assumption agreement is one that contains the terms and conditions which govern any purchase by an individual or a company from another individual or company. The document is a legally valid one provided it is countersigned by a witness and lawyers and signed and stamped by a notary, who is vested with the powers of the court. The purchase and assumption agreement document must be framed by one who is completely aware of the consequences of such an agreement. Both parties must read the terms and conditions carefully.
The document must contain details of the purchase in question, and the amount of monies involved. The rate of interest, provision for installment payments and other details like specific information about the nature of the product must also be entered in the document. This has to be then read and signed by the two parties for it to be legally effective.
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