Assumption

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Assumption

Becoming responsible for the liabilities of another party.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.