assumption

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Assumption

The undertaking of the repayment of a debt or the performance of an obligation owed by another.

When a purchaser of real property assumes the mortgage of the seller, he or she agrees to adopt the mortgage debt, becoming personally liable for its full repayment in case of default. If a foreclosure sale of the mortgaged property does not satisfy the debt, the purchaser remains financially responsible for the outstanding balance.

In contrast, a purchaser who takes subject to the seller's mortgage agrees to repay the mortgage debt, but that person's liability is limited only to the amount that the mortgaged property is sold for in the case of foreclosure. If the property is sold for less than the mortgage debt, the mortgagee must seek the remaining balance due from the seller, the original mortgagor.

assumption

n. the act of taking over a debt as part of payment for property which secures that debt. (See: assume)

assumption

(Adoption), noun acceptance, receiving, reception, recipience, selection, taking on, undertaking
Associated concepts: assumpsit on quantum meruit, assumption agreement, assumption of debt, assumption of facts, assumption of indebtedness, assumption of jurisdiccion, assumption of liability, assumption of mortgage, assumption of obligation, assumption of risk

assumption

(Seizure), noun annexation, arrogation, dispossession, encroachment, exaction, expropriation, impropriation, infringement, usurpation

assumption

(Supposition), noun basis, belief, foundation, ground, hypothesis, hypothesization, notion, opinion, personal judgment, postulate, premise, presumption, presupposition, sumptio, supposal, surmise, theory, thinking, view
See also: acceptance, acquisition, adoption, adverse possession, appropriation, arrogation, basis, belief, concept, conclusion, condemnation, conjecture, conviction, deduction, distress, estimate, estimation, generalization, ground, hypothesis, idea, inference, opinion, persuasion, postulate, preconception, presumption, prolepsis, proposition, receipt, speculation, supposition, taking, theory
References in classic literature ?
I certainly am," answered Phoebe, and added, with a little air of lady-like assumption (for, civil as the gentleman was, he evidently took her to be a young person serving for wages), "I am a cousin of Miss Hepzibah, on a visit to her.
He waited so long that I supposed it for the purpose of repudiating the assumption on which my action had been founded; but what he finally said was: "Do you mean now--here?
Such an extraordinary assumption of age by a girl of nineteen has never been seen in public before, in the whole course of my theatrical experience.
said I, with the best assumption I could put on, of its being nothing more to me.
Of course she did," I returned, with a fine assumption of scorn,--"of course she did.
When I had started with the Time Machine, I had started with the absurd assumption that the men of the Future would certainly be infinitely ahead of ourselves in all their appliances.
I had to endure from him neither cold neglect, irritating interference, nor pretentious assumption of superiority.
Raoul, who had begun his address with an assumption of self-possession, finished it by allowing a manifest emotion to escape him at every word.
That power, however, was limited and specific, and did not extend to an operation of this nature and extent; no objection, however, was made to his assumption, and he and M'Tavish soon made a preliminary arrangement, perfectly satisfactory to the latter.
At this moment he was lying ill of fever in the clay lands near Curitiba in Brazil, having been drenched with thunder-storms and persecuted by other hardships, in common with all the English farmers and farm-labourers who, just at this time, were deluded into going thither by the promises of the Brazilian Government, and by the baseless assumption that those frames which, ploughing and sowing on English uplands, had resisted all the weathers to whose moods they had been born, could resist equally well all the weathers by which they were surprised on Brazilian plains.
Beaufort's cool assumption that it was seemed almost to make her his accomplice.
Far above that earth on which he had known no joys; in the midst of that night which sent to him its softest radiance; on the way to that heaven toward which he uplifted his spirit, as though in a miraculous assumption, he seemed already to live and breathe in the new existence.