Definition of "Assumption"

Frank Petras real estate agent

Written by

Frank Petraselite badge icon

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The meaning of an undisclosed principal in everyday use often refers to a confidential client who intends to keep their identity hidden. Typically, this individual remains in the background ...

Passing of title to property that is in fact not valid. ...

What a piece of property could be sold for on the market. ...

Map showing the kinds of soil in a designated locality. ...

A hard white finishing cement with a fast setting time and a high polish capability. Consisting of anhydrous gypsum plaster and an accelerant, alum, Keene's cement is normally applied over ...

Privilege of a real estate investor or lender to participate in the profitability generated from property. This is in addition to any principal, interest, or dividends. ...

One who acts as a witness and fives written testimony under oath. ...

Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...

Regarding the definition of the term adjoining, we see a term used most often to describe a particular position that objects, items, or properties have regarding each other. In the case of ...

Popular Real Estate Questions