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Real Estate Glossary

Assumption of mortgage

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Written by Richard Wilson

Also known as simple assumption, assumption of mortgage refers to the transfer of title to property to a grantee who accepts the liability and terms and conditions of an existing mortgage, including its payments.

Also known as simple assumption, assumption of mortgage refers to the transfer of title to property to a grantee who accepts the liability and terms and conditions of an existing mortgage, including its payments.

About the author

Richard Wilson