A provision in an assumable loan that allows a buyer to assume responsibility for the seller's loan. The loan does not need to be paid in full by the original borrower (seller) upon sale or transfer of the property.
A buyer takes over the existing loan and agrees to be liable for the repayment of the loan.
The agreement between a buyer and seller, where the buyer takes on or assumes an existing mortgage on the property. This usually is done to save the purchaser money compared to his having to arrange a new mortgage. Typically mortgages do not allow for assumption unless certain conditions are complied with (called a "non-assumption" clause). Furthermore, the original borrower is still liable for the loan unless the borrower gets a release from the lender (called "novation").
A provision in an assumable mortgage that allows the buyer to assume responsibility for the mortgage. The loan does not need to be paid in full by the original borrower once the property is sold or transferred.
A clause stating that the seller has passed to the buyer full responsibility for the mortgage on the property. Often, an assumption fee must be paid to the mortgage leader.
A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.
the part of a loan contract that says a buyer can take over an existing mortgage.
A provision that allows a buyer to assume, or take over, the responsibility for the seller's (original borrower's) mortgage. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.
The paragraph in the mortgage which sets out the borrower's right to have the mortgage assumed by a purchaser.
A provision that allows a buyer to take responsibility for the mortgage from a seller.
A provision in a mortgage contract that enables the buyer to assume or take responsibility for the existing mortgage loan from the seller.
The provision in an assumable mortgage that allows a buyer to take responsibility for that mortgage from the seller
A provision in an assumable mortgage that allows a buyer to assume responsibility for thebalance remaining on a mortgage from the seller.
Provision allowing a buyer to take over transfer of the mortgage, which is held by the seller.
A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.