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Assumption of: An obligation undertaken by the purchaser of property to be personally liable for payment of an existing item. In an assumption, the purchaser is substituted for the original mortgagor in the instrument and the original mortgagor is to be released from further liability in the assumption, the consent is usually required.

An “Assumption” is often confused with “purchasing subject to.” When one purchases subject to, the purchaser agrees to make the monthly pays on an existing item, but the original mortgagor remains personally liable if the purchaser fails to make the monthly pays. Since the original mortgagor remains liable in the event of default, the consent is not required to a sale subject to. Both “Assumption of ” and “Purchasing Subject to” are used to buy the sale of property. They may also be used when a mortgagor is in financial difficulty and desires to sell it to avoid foreclosure.

Conventional; This is when it is insured by HUD or guaranteed by the Veterans’ Administration. It is subject to conditions established by the lending institution and State statutes. This may vary with different institutions and between States. (States have various limits.)

The value of a house owner’s unencumbered in items. This is computed by subtracting from the property’s fair market value the total of the unpaid balance and any outstanding liens or other debts against it. An owner increases as he pays off his balance or as this appreciates in value. When this and all other debts against this are paid in full the owner has 100% ownership in his property.

A lien or claim against property given by the buyer to the lender as security for money borrowed. Under government-insured or guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. These generally run from 10 to 30 years, during which this is to be paid off.

This is with a provision that permits borrowing additional money in the future without refiing this paying additional charges. Open-end provisions often limit such borrowing to no more than would raise the balance to the original figure.

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