Loan Glossary
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- Assessment rolls
A public record of the assessed value of property in the taxing jurisdiction.
- Assessor
- A public official who establishes the value of a
property for taxation purposes.
- Asset
Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).
- Assumable Loan
A home loan that allows a new purchaser of the home to take over ("assume") the loan obligations of the seller when a home is sold.
- Assumption of Mortgage
- The purchaser takes over mortgage payments for the balance of the loan, assuming primary liability. Unless specifically released by the lender, the seller remains secondarily liable.
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Loan Glossary 
