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)

References in periodicals archive ?
However, he termed the video completely fake assumptive and demanded legal action against those involved in this activity.
It is crucial that students appreciate the process of thinking critically about their work and the value of the time spent on data collection and review, so as to avoid the potential for cognitive bias and assumptive models that could derail the final product.
309) Tarling's tone borders on the accusatory and assumptive. A more grounded and nuanced understanding and application of Said's study and consideration of Said's life would be beneficial to Tarling's work.
The construction of the social female object is one that is at once chaste, but also receptive of the maternal desire to procreate predicated on the assumptive advances of her masculinised husband.
Overarching philosophical or ideological stance, a system of beliefs about the nature of the world, and ultimately, when applied in the research setting, the assumptive base from which we go about producing knowledge (2).
Many of these observations tend to be uni-cultural, based on hypertrophic deviants, and calmly assumptive of universal symbolism.
And, in recent times, I sometimes get the sense that our industry doesn't like its targets (itself a tell- ingly aggressive term) or audiences (better but potentially pretty assumptive too) very much.
PTG can be achieved as a consequence of the process of attempting to understand the event (e.g., deliberate rumination) and the cognitive effort to redefine those beliefs and the assumptive world (7,8).
On the first page of her memoir, Oates stresses how, with an important loss, the assumptive world crumbles and meaning-making ability diminishes: "My husband died, my life collapsed" ([2011] 2012: 1).
It is therefore possible that the assumptive "false positives" could actually be true positives if GTF were subjected to prolonged re reading of smears or repeat smearing, thus further enhancing the specificity of the QBC test.
She implies that the homeless should act and behave like everyone else, yet she seems to specify, through assumptive language, that the homeless she saw were not "as I know them to be" - implying her perception of them was based on how they looked and acted and there was something not right about what she saw.
Every other is the German association, the French association, we are so assumptive," he said.