单词 | assumption of mortgage |
释义 | assumption of mortgageDefinition Agreement under which the buyer of a property takes over the seller's liability for payment of installments (on the existing mortgage on the property), usually to save the closing costs or the higher interest rates of a new mortgage. The original mortgagor (seller of the property) remains secondarily liable for payment of the mortgage unless released in writing by the mortgagee (lender). |
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