Wabor Real Estate Glossary A
(Approved - Assumption Fee)

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Approved
Term used to indicate that a particular installation has been found to be in line with regulations, such as the building code, by a governing body. Also refers to a building project that has received all regulatory authorization required for construction to proceed.

Asking Price
Seller's initial price asked for a property.

Asset
Item of value, i.e. cash, securities, investments, real estate, etc.

Assumption
The transfer of the seller’s existing mortgage to the buyer. See assumable mortgage.

Assumption Clause
Provision allowing a buyer to take over transfer of the mortgage, which is held by the seller.

Assumption Fee
Fee the lender charges to process the paperwork for the buyer assuming the existing loan.