Assignment

Definition

Assignment refers to the transfer of a mortgage from one person to another person.

Synonyms
shift, move, transfer

Related Terms and Acronyms

Assumability — Definition,
- The ability of a mortgage to be taken over from the original borrower by a new borrower.
Assumption Clause — Definition,
- A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
Assumption Fee — Definition,
- A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.