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Resources > Glossary > Assumption

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2


Phonetics: as·sump·tion \ə-'səm(p)-shən\

Past Perfect: as-sump-tion

Definition 1:
The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt, unlike a new mortgage where additional expenses such as closing costs and new, possibly higher, market-rate interest charges will apply.

Definition 2:
Assumption occurs where there is an Assumable Mortgage which is a type of mortgage that allows a new home buyer to take over an existing loan from the seller.

Thesaurus / Related Terms
Assumption Clause
Assumption Fee