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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
^
38% - Moderately
38% - Moderately
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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