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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Assumability


Synonyms:assignment, move, shift, transfer
Filed Under: mortgages, real-estate
Tags: mortgage, realty
 

Definition of assumability

assumability
1. The ability of a mortgage to be taken over by a new borrower. See also "Assumable Mortgage."

Related Terms and Acronyms:

  • assignment   The transfer of a mortgage from one person to another.
  • assumable   A loan or obligation that can be taken over by a new borrower.
  • assumption clause   A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
  • assumption fee   A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • mortgage assumption   Taking over the payment and responsibility for an existing property loan.
  • non-assumption clause   A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
  • transfer of title (TOT)   A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.

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