Exam term
Assumption
A buyer's agreement to take on personal liability for the seller's existing loan. Buying subject to the loan does not by itself create that liability.
Lessons that use this term
- FHA-insured loans Florida
- Buying mortgaged property (subject to, assumption) and other types of financing Florida
- The mortgage and note, the mortgagor's duties, selling mortgaged property, and recording New York
- Methods and sources of financing: mortgage and seller financing, primary and secondary markets Texas