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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Assumable


Synonyms:acquire, assignment, take over, transfer
Filed Under: mortgages, real-estate
Tags: mortgage, realty
 

Definition of assumable

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

Related Terms and Acronyms:

  • assumability   The ability of a mortgage to be taken over from the original borrower 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.
  • 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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