Assumption

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Assumption

Becoming responsible for the liabilities of another party.

Assumption

The act of taking on the liabilities of another property. For example, if one is a co-signer on a loan and the borrower defaults, the co-signer assumes the responsibility to repay the loan.

Assumption

A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property.

Unless the lender also agrees, however, the seller remains liable for the mortgage.

References in periodicals archive ?
In an authoritarian style, one assumes that correct knowledge and wisdom reside in the person of the leader where major decisions should be made (an assumption of the leader, often supported by some or even many of the followers).
He argued for the "sacrifice and devotion" of wartime and noted that it was "a mistake to assume that the virtues of war differ essentially from the virtues of peace." But there was no hint of the need for a private army.
* Julie Fasone Holder, corporate vice president for Public Affairs, Human Resources and Diversity & Inclusion, assumes executive oversight for Dow's activities in Latin America.
Staff members need to be given the opportunity to assume more duties and act more "partner like" to ensure that they are capable of becoming a successful owner of the practice, which in turn increases the likelihood that the seller will receive the full purchase price from a successful buyer.
BAPCPA also changes the treatment of the claim that a commercial landlord has against bankrupt tenants when they initially assume the lease but then reverse course and reject it.
Overwhelmed leaders assume a number of responsibilities, only to discover that these responsibilities compete for attention and time.
Another reader might readily assume the "tone" of Gutas' article to be one of exasperation at having to engage illogicality yet again, or he might perceive the "tone" to be insouciant or mischievous.
Fairchild would like his particular perspective to get broader coverage; Barlow assumes that the great unwashed are too dumb, busy, or lazy to be proactive enough to be well-informed citizens on a wide range of issues.
The effect of this language is the second party assumes responsibility (legal liability) for the negligent acts, errors, or omissions of the first party.
McDonough, who served as the Bank's president from July 1993 until he stepped down in June of this year to assume the post of chairman of the Public Company Accounting Oversight Board in Washington, D.C.
The fact that RSVP is having to actively recruit seniors into the program may come as a bit of a shock to all those who blindly assume that all seniors like to volunteer in the community, especially when children are involved.
He waited until the charges against him expired and returned to a Peru in transition, ready to assume the presidency in a country where more than 54% are poor and uneducated, and where illiterates have the right to vote and are thus susceptible to being deceived by sophistic politicians like Garcia.