Definition of "Assumption"

Frank Petras real estate agent
Frank Petras, Real Estate Agent John R Wood Properties

Obligation taken on by a person who did not obtain it originally, but agrees to honor the terms of the existing obligation as a condition for the transaction. By assuming the loan rather than taking subject to the loan, the buyer becomes personally liable on the debt.


Need help from a real estate agent?

Buy Sell Rent

I agree to receive FREE real estate advice.

Are you a realtor and want to become a member?

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 Real Estate Terms

Popular Real Estate Questions