Definition of "Assumption"

Patrick  Dillon real estate agent
Patrick Dillon, Real Estate Agent Keller Williams Coastal Realty

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.

 

Need help from a real estate agent?


Buy Sell Rent

I agree to receive FREE real estate advice.

Are you a real estate agent?


Residential Rental Commercial

I agree to receive FREE real estate advice.

Have a question or comment? We're here to help.

 

*** Your email address will remain confidential.
 

 

Popular Mortgage Terms

Popular Mortgage Questions