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Assumption clause |
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Assumption clauseA clause stating that the seller has passed to the buyer full responsibility for the mortgage on the property. Often, an assumption fee must be paid to the mortgage lender.Assumption clause Similar MatchesAssumptionAssumptionBecoming responsible for the liabilities of another party. Armington assumptionArmington assumptionThe assumption that internationally traded products are differentiated by country of origin. Due to Armington (1969) in an international macroeconomic context, but now a standard assumption of international CGE models, used to generate smaller and more realistic responses of trade to price changes than implied by homogeneous products. Small country assumptionSmall country assumptionThe assumption in an economic model that a country is too small to affect world prices, incomes, or interest rates. Assumption of NoteAssumption of NoteAgreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. The lender usually must approve the new debtor in order to release the existing debtor (usually the seller) from liability. AssumptionAssumptionWhen a buyer assumes the loan payments and obligations of the seller. If the buyer defaults, however, both the buyer and seller are responsible for the debt. Further SuggestionsZero prepayment assumptionPerfect market assumptions Homogeneous expectations assumption Economic assumptions |
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