Assumption Clause | Real Estate Glossary

Definition of "Assumption clause"

Tim Watson

Tim Watson Realty

Provision in a mortgage permitting the owner of property to transfer the mortgage to a buyer.

Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective ho ...

Fee charged by a lender to a borrower for a standby commitment. ...

Legal instrument posted by a contractor or craftsman to guarantee that completed work is free of fla ...

Money paid by one party for the use of another party's funds. ...

Type of excess of loss reinsurance in which the insurance company (cedent) is reinsured in the event ...

A property title evidencing ownership such as provided in an abstract of title. There are no conting ...

A title is the right of property ownership. ...

Flood insurance is insurance that compensates for the physical property damage resulting from rising ...

People finance to obtain a new loan in order to pay off the existing mortgage or to gain access to t ...

A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which ...

Depreciation is a decline in the value of property due to general wear and tear, or is also known as ...

A credit report is a report of all your debt information compiled by an independent agency. The cred ...

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