Archives: Glossary Terms

The Real or personal property under ownership and having value

The transfer of rights to use leased property.  The Asignee aquires the same rights and privileges as the Assignor.  The Assignor remains liable unless released by the landlord.

See Mineral rights. Example: In an oil and gas lease, the owner is to receive $100 per acre as a bonus payment, and one eighth of the value of minerals found on the property.

A mortgage clause under which the lender may upon the default by the borrower take possession of the property, collect its income and apply it to the loan balance and the costs incurred by the beneficiary.

A person who assigns or transfers property.

Generally, a person who holds a broker’s license that is held under the license of another broker.  In some areas, it is used to refer to a real estate licensee who holds a salesperson’s license. (also known as and “Affiliate Broker”)

A broker or salesperson who is employed by or in an independent contractor relationship with a real estate broker.

A mortgage loan without due-on-sale clause that allows an owner to sell property to a purchaser who is permitted under the loan documents to undertake the obligation of the loan with no change in loan terms. Most FHA and VA loans are assumable.

The agreement between buyer and seller in which the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money, since this is an existing mortgage debt, unlike a new mortgage where closing costs as well as new, possibly higher, market-rate interest charges may apply.

The adoption or taking on a debt or contractual obligation primarily resting upon another party