Buying a property that has an existing mortgage and continuing payment on the remaining amount of the mortgage at the same interest rate. Also called Assumable Rate Mortgage.

Taking title to property that has an existing mortgage, and being personally liable for its payment as a condition of the sale.

Definition Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. Fees are typically [..]

An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption, the purchaser is substituted for the original mortgagor in the mort [..]

Assumption of mortgage is an agreement under which the buyer of a property takes over the seller's liability for payment of an existing mortgage on the property. The seller remains liable to the [..]

The purchaser takes over mortgage payments for the balance of the loan, assuming primary liability. Unless specifically released by the lender, the seller remains secondarily liable.

An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption, the purchaser is substituted for the original mortgagor in the mort [..]

An agreement by deed or other form, through which a buyer takes over the obligation of an existing mortgage of another person, usually the prior owner. The seller remains secondarily liable unless rel [..]

The act of assuming liability for an existing mortgage on a property by the purchaser of that property. With builders' loans, the assumption is usually evidenced by written agreement.