Assumption Clause | Real Estate Glossary

Definition of "Assumption clause"

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

Viewpoint that an insurer whose liability policy is in force at the time of an accident or injury sh ...

Provision used to avoid duplication of coverage in other policies; to eliminate coverage for propert ...

Retirement income payments for an employee that begin after a stipulated future time period, and con ...

The interest rate adjusted for intra-year compounding. Because interest on a mortgage is calculated ...

I am the person. The person himself/herself. The actual person. ...

A measure of interest cost on a reverse mortgage. ...

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the ...

An inspection is a close and thorough examination of a house and property. A licensed individual usu ...

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input par ...

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus ...

A treasury index is an index used to determine interest-rate changes for certain adjustable-rate mor ...

A subdivision is a piece of land divided into several plots in which homes are built. ...

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