Assumable

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • take over
  • assignment
  • transfer
  • acquire

Definition of Assumable

  1. A loan or obligation that can be taken over from the original borrower by a new borrower.

Related Terms and Acronyms

  • 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.
  • Assumability Definition,
    • The ability of a mortgage to be taken over from the original borrower by a new borrower.
  • 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.
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