Meaning Assumption Clause
What does Assumption Clause mean? Here you find 4 meanings of the word Assumption Clause. You can also add a definition of Assumption Clause yourself
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Assumption Clausea provision in the terms of a loan that allows the buyer to take legal responsibility for the mortgage from the seller.
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Assumption ClauseAssumption Clause is a mortgage provision that prohibits another from assuming the mortgage without the permission of the mortgagee. It is a provision by which the transferee of an instrument agrees t [..]
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Assumption ClauseAssumption 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.
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Assumption ClauseA provision in an assumable loan that allows a buyer to assume responsibility for the home loan from the seller. The loan does not need to be paid in full by the original borrower (seller) upon sale or transfer of the property.
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