Non-assumption Clause

Definition

  • A provision or condition of a loan agreement that prohibits the borrower from transferring the mortgage to another borrower without permission from the lender.

Synonyms
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.
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