Assumption
Definition
A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. Unless the lender also agrees, however, the seller remains liable for the mortgage.
Related Terms Other terms related to 'Assumption' starting with the letter 'A' Alternative documentation, Approval, Assumable mortgage, Acceleration clause, Amortization Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 