Dictionary of Law
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assume :: legal definition


Assume - v. to take over the liability for a debt on a promissory note, which is often done by the buyer of real property which has a secured debt upon it. Example: Bob Buyer pays part of the price of a piece of real property by taking over the debt that Sally Seller had on the property. However, usually the original owner to whom Sally owes the debt must agree to the assumption.

See also: assumption and Related Law Terms ↓


Related Law Terms

abstract of title :: n. the written report on a title search which show ... e also: chain of title title report
after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction
appurtenant :: adj. pertaining to something that attaches. In rea ... t. See also: easement real property
assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property.
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
collateral :: 1) n. property pledged to secure a loan or debt, u ... ral to the Colorado divorce action.
color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title."
condition subsequent :: n. 1) in a contract, a happening which terminates ... Dad Fauntleroy. See also: condition
convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor
conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
demise :: 1) v. an old-fashioned expression meaning to lease ... r life. 3) n. death. 4) n. failure.
devise :: 1) v. an old-fashioned word for giving real proper ... so: bequest gift legacy remise will
devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee
easement :: n. the right to use the real property of another f ... rstandings at the time of creation.
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
exchange :: 1) v. to trade or barter property, goods and/or se ... ins tax. See also: delayed exchange
execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
free and clear :: adj. referring to the ownership of real property u ... the title has no claim against it.
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
land :: n. real property, real estate (and all that grows ... See also: real estate real property
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other.
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
personalty :: n. movable assets (things, including animals) whic ... lso: personal effects real property
possessory interest :: n. in real estate, the intent and right of a perso ... o: possess possession real property
possibility of a reverter :: n. the potential that the title to a real property ... further issue. See also: reversion
privity :: n. contact, connection or mutual interest between ... with the seller. See also: contract
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder
reversion :: n. in real property, the return to the grantor or ... lled "reverter." See also: reverter
subordination :: n. allowing a debt or claim which has priority to ... . See also: subordination agreement
title :: n. 1) ownership of real property or personal prope ... ink slip real property title search
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
undivided interest :: n. title to real property held by two or more pers ... y by the entirety tenancy in common
unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice
use :: n. the right to enjoy the benefits of real propert ... ay it is only of academic interest.

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - A

a fortiori :: (ah-for-she-ory) prep. Latin for "with even strong ... rother Cain certainly is too young.
a priori assumption :: (ah-pree-ory) n. from Latin, an assumption that is ... when the reality is not so certain.
a.k.a. :: prep. abbreviation for "also known as" when someon ... nodgrass, a.k.a. "Snuffy the Snod."
ab initio :: prep. lawyer Latin for "from the start," as "it wa ... tart," as "it was legal ab initio."
abandon :: v. to intentionally and permanently give up, surre ... lso: abandoned property abandonment
abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abate :: v. to do away with a problem, such as a public or ... ty septic tank. See also: abatement
abatement :: n. 1) the removal of a problem which is against pu ... eneficiary in full. See also: abate
abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abet :: v. to help someone commit a crime, including helpi ... n the crime. See also: aid and abet
abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
able-bodied :: adj. physically capable of working at a job or in ... of paying alimony or child support.
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abrogate :: v. to annul or repeal a law or pass legislation th ... ons of a contract. See also: repeal
abscond :: v. 1) traditionally to leave a jurisdiction (where ... as in "he absconded with the loot."
absolute :: adj. complete, and without condition. ... j. complete, and without condition.
abstention doctrine :: n. when the Supreme Court refuses to exercise its ... being appealed from a state court.
abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien