Assumable

Definition

• A loan or obligation that can be taken over from the original borrower by a new borrower.

Synonyms
transfer, acquire, assignment, take over

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.