- A loan or obligation that can be taken over from the original borrower by a new borrower.
transfer, acquire, assignment, take over
Related Terms and Acronyms
- Assumability — Definition,
- The ability of a mortgage to be taken over from the original borrower 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.
- 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.