- A provision or condition of a loan agreement that prohibits the borrower from transferring the mortgage to another borrower without permission from the lender.
unassumable, assumption provision, fine print
Related Terms and Acronyms
- Alienation Clause — Definition,
- A requirement that the borrower pay the mortgage in full upon transfer of the property.
- Assumability — Definition,
- The ability of a mortgage to be taken over from the original borrower by a new borrower.
- Assumable Mortgage — Definition, Very Important,
- A mortgage that can be taken over or "assumed" by the buyer when a home is sold.