Assumable

Definition

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

Synonyms
assignment, take over, transfer, acquire

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.
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