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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Assumption Clause
Synonyms: | acquirement clause, fine print, stipulation, take over, transfer |
Filed Under: | legal-contracts, mortgages, real-estate |
Tags: | clause, contract, legal, mortgage, realty |
Definition of assumption clause
- assumption clause
- 1. A provision in a mortgage contract that enables the buyer to assume or take responsibility for the existing mortgage loan from the seller.
Related Terms and Acronyms:
- assignment The transfer of a mortgage from one person to another.
- assumability The ability of a mortgage to be taken over from the original borrower by a new borrower.
- assumable A loan or obligation that can be taken over by a new borrower.
- assumable mortgage A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
- contract An agreement between two or more parties that can be enforced by law.
- mortgage acceleration clause A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.
- mortgage assumption Taking over the payment and responsibility for an existing property loan.
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