Assumption
Definition of "Assumption"
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.
Popular Real Estate Terms
Room containing a toilet and wash basin, but does not include a shower or bath tub. ...
Legal action by an owner of property to oust or exclude an individual or business form using the property. ...
Metropolitan locality such as a city. It is heavily populated with many residents and businesses. An example is New York City. ...
House modeled after the dwellings constructed by the Pueblo Indians in the American southwest. A pueblo or adobe style house is made from adobe brick or materials simulating adobe brick. ...
Evaluating a locality to determine its value and appropriateness for designated objectives. ...
An insurer who researches the title to real estate for the purpose of discovering any unknown liens or encumbrances on the property that may have come into effect before the current ...
Operating property for business use, such as managing an office complex. ...
An Act, passed by congress in order to prevent the practice of redlining and disinvestments in central city areas. Redlining is a practice in which lenders refuse to make loans in certain ...
Concrete or timber beam that serves as a support in the wall structure of a building. Concrete tie beams are often reinforced with steel rods. ...
Have a question or comment?
We're here to help.