Release Of Liability For Mortgage Divorce

Release Of Liability For Mortgage Divorce


I. Introduction

This Release of Liability for Mortgage Divorce ("Release") is entered into on [DATE], by and between [YOUR NAME], residing at [YOUR COMPANY ADDRESS], referred to herein as "Grantor," and [Spouse Name], residing at [Spouse Address], referred to herein as "Grantee."

  1. Whereas, Grantor and Grantee were previously married and jointly owned the property located at [YOUR COMPANY NAME], and;

  2. Whereas, as part of their divorce settlement, Grantor wishes to retain ownership of the property and continue making mortgage payments.

II. Release of Liability

In consideration of the mutual promises and agreements set forth herein, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor hereby releases and forever discharges Grantee from any liabilities, obligations, claims, demands, and causes of action arising out of or related to the mortgage on the property located at [YOUR COMPANY ADDRESS].

III. Assumption of Liability

The grantor acknowledges and agrees to assume full responsibility for the mortgage payments associated with the aforementioned property. Grantor hereby agrees to indemnify and hold harmless Grantee from any liabilities, damages, costs, and expenses, including attorney fees, arising out of or related to the mortgage on said property.

IV. Indemnification

The party who is agreeing to this release takes on the responsibility of managing, accounting for, and handling any potential claims, damages, costs, or any forms of liabilities that might occur. The scope of these obligations includes but is not limited to, addressing any possible challenges or problems that could come into play due to a failure to make necessary mortgage payments or neglecting any other incumbent duties related to the property. This responsibility falls to the party releasing after the formal closure or conclusion of the effective date of this specific Release agreement. The party being released is, henceforth, uninvolved and exempted from any such liabilities.

V. Entire Agreement

This Release constitutes the entire agreement between the parties concerning the subject matter herein and supersedes all prior and contemporaneous agreements and understandings, whether oral or written.

VI. Governing Law

This Release shall be governed by and construed following the laws of the [State], without regard to its conflict of laws principles.

VII. Acknowledgment of Legal Counsel

Both parties acknowledge that they have had the opportunity to seek independent legal counsel and have either chosen to do so or have knowingly waived their right to legal counsel.

IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.

Grantee:

[SPOUSE NAME]

[DATE]

Grantor:

[YOUR NAME]

[DATE]


Witness’s Signature (if applicable):

[WITNESS’S NAME]

[DATE]

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