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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) |
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875 million, 10-year assumable mortgage at an interest rate of 5. Robert Flaxman, president and chief executive of Crown Realty, said the deal carried "$19 million in assumable financing" at rates lower than now available, which he anticipated would help spur a deal. Other contracts, such as equipment leases, maintenance contracts and the like, may also contain clauses providing for their termination upon assignment, or may not be assumable or assignable. |
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assumable
