- The ability of a mortgage to be taken over by a new borrower. See also "Assumable Mortgage."
shift, transfer, move, assignment
Related Terms and Acronyms
- Assignment — Definition,
- The transfer of a mortgage from one person to another.
- Assumable — Definition,
- A loan or obligation that can be taken over by a new borrower.
- Assumption Clause — Definition,
- A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
- Assumption Fee — Definition,
- A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
- Mortgage Assumption — Definition, Important,
- Taking over the payment and responsibility for an existing property loan.
- Non-assumption Clause — Definition,
- A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
- Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.