- An existing mortgage that can be taken over or "assumed" by the buyer from the seller when a property is sold.
assignment, take over, acquire, transfer
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.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- 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.
- Porting — Definition,
- A portable mortgage allows you to transfer the terms and conditions from an existing property loan to a new property loan.
- 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.