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LSDefine

Simple English definitions for legal terms

assumption fee

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A quick definition of assumption fee:

Assumption fee: This is a fee charged by a lender when someone buys a property that already has a mortgage on it. The fee covers the cost of processing the paperwork needed for the new buyer to take over the existing mortgage. It's like a fee for the lender's time and effort to make sure everything is in order for the new buyer to assume the mortgage.

A more thorough explanation:

An assumption fee is a charge imposed by a lender for processing records when a new buyer takes over an existing mortgage. This fee is usually paid by the buyer and is meant to cover the costs associated with transferring the mortgage to the new owner.

Let's say you're buying a house from someone who still has a mortgage on it. Instead of taking out a new mortgage, you decide to assume the seller's existing mortgage. In this case, the lender may charge you an assumption fee to cover the costs of processing the paperwork and transferring the mortgage to your name.

For example, if the assumption fee is $500, you would need to pay this fee in addition to any other closing costs associated with the purchase of the home.

Another example would be if a homeowner wants to transfer their mortgage to a family member or friend. The lender may charge an assumption fee to process the transfer of the mortgage to the new owner.

These examples illustrate how an assumption fee is a charge imposed by a lender for processing records when a new buyer takes over an existing mortgage.

assumption clause | assumption of the risk

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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