Legal Question in Landlord & Tenant Law in Washington
assignment and assumption agreement
After entering into an assumption agreement whereby the assignor assigns all the rights and obligations to the assignee, does the original contract extinguishes? or do both the original contract and the assignment and assumption agreement exist together?
1 Answer from Attorneys
Re: assignment and assumption agreement
If the original obligee (the person who originally signed the original contract with the assignor) signed the assumption agreement and the assumption agreement does not have any specific terms to the contrary, the assignor should be relieved of all obligations under the original deal, which has been supplanted with the new contract. If the original obligee was not part of that assumption deal, the assignor is likely still on the hook.
I would suggest bringing the contracts to an attorney for review. You are asking a very specific question that can only really be answered after reviewing the contracts.