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assume |
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assume v. to take over the liability for a debt on a promissory note, which is often done by the buyer of real property which has a secured debt upon it. Example: Bob Buyer pays part of the price of a piece of real property by taking over the debt that Sally Seller had on the property. However, usually the original owner to whom Sally owes the debt must agree to the assumption. (See: assumption) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The transaction was awarded to a balance sheet lender, which not only offered a loan with high proceeds at a very competitive spread, but also was able to address key objectives of the borrower, including prepayment flexibility and assumability. Other benefits include terms of up to 30 years, assumability, and no pre-payment penalties on variable-rate IDBs. |
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