Variable closed:	1.98%
1 year closed:	2.14%
3 year closed:	2.14%
5 year closed:	2.24%
10 year closed:	3.39%

Mortgage Super Brokers > Library & Listings > Glossary > Definition: Assignment

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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Assignment

Synonyms:	move, shift, transfer
Filed Under:	mortgages
Tags:	mortgage

Definition of assignment

assignment: 1. Assignment refers to the transfer of a mortgage from one person to another person.

Related Terms and Acronyms:

assumability The ability of a mortgage to be taken over from the original borrower by a new borrower.
assumption clause A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
assumption fee A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
transfer of title (TOT) A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.

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