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Assumption of Mortgage:An obligation undertaken by the purchaser of property to be personally liable to make payment of an existing mortgage. In an assumption, the purchaser is substituted in place of the original mortgagor in the morgage instrument and the original mortgagor is to be released from further liability in the assumption, the morgagee’s consent is usually required. An “Assumption of Morgage” is often confused with “purchasing subject to a morgage.” When one purchases subject to a morgage, the purchaser agrees to make the monthly morgage payments on an existing morgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthly payments. Since the original mortgagor remains liable in the event of default, the morgagee’s consent is not required to a purchase subject to a morgage. Both “Assumption of Morgage” and “Purchasing Subject to a Morgage” are used to finance the purchase of property. They may also be used when a mortgagor is in financial difficulty and desires to sell the property to avoid foreclosure. Conventional Morgage: A morgage loan not insured by HUD or guaranteed by the Veterans’ Administration. It is subject to conditions established by the lending institution and State statutes. The morgage rates may vary with different institutions and between States. (States have various interest limits.) Equity: The value of a homeowner’s unencumbered interest in real estate. Equity is computed by subtracting from the property’s fair market value the total of the unpaid morgage balance and any outstanding liens or other debts against the property. Morgage: A lien or claim against real property given by the buyer to the lender as security against money borrowed. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. Morgages generally run from 10 to 30 years, during which the loan is to be paid off. Morgage (Open-End): A morgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges. Open-end provisions often limit such borrowing to no more than would raise the balance to the original loan figure. Agreement of Sale: Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties. Certificate of Title: A certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property which he is offering to be purchased. A certificate of title offers no protection against any hidden defects in the title which an examination of the records could not reveal. The issuer of a certificate of title is liable only against damages due to negligence. The protection offered a homeowner under a certificate of title is not as great as that offered in a title insurance policy.

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