assume

(redirected from assumable)
Also found in: Dictionary, Thesaurus, Idioms.

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)

References in periodicals archive ?
First, when sufficient market data does not exist to allow extraction of an adjustment for favorable assumable financing by direct market comparison, how does an appraiser calculate a satisfactory mathematical adjustment?
"This offering includes an assumable first mortgage and possible seller financing, resulting in a higher than usual 'going-in' return."
This first mortgage is also assumable and the Lender required no reserves.
This blanket mortgage also included a release price of 1.25 times the allocated average loan amount per square foot and is non-recourse and assumable.