Variable closed:	1.65%
1 year closed:	1.64%
3 year closed:	1.59%
5 year closed:	1.69%
10 year closed:	2.84%

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

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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Assumability

Synonyms:	assignment, move, shift, transfer
Filed Under:	mortgages, real-estate
Tags:	mortgage, realty

Definition of assumability

assumability: 1. The ability of a mortgage to be taken over by a new borrower. See also "Assumable Mortgage."

Related Terms and Acronyms:

assignment The transfer of a mortgage from one person to another.
assumable A loan or obligation that can be taken over 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.
mortgage assumption Taking over the payment and responsibility for an existing property loan.
non-assumption clause A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
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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