Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. In real estate, an assumption refers to a buyer taking over the seller’s existing mortgage loan instead of obtaining a brand-new loan, meaning the buyer agrees...

Those to whom property or interests therein shall have been transferred. An assignee is the person or entity that receives and takes over another party’s rights under a contract through an assignment. For example, if a buyer under a purchase agreement assigns the...

One who assigns or transfers property. In real estate contract law, an assignor is the person or entity that transfers their rights and, in some cases, their obligations under a contract to another party through an assignment. For example, if a buyer under a purchase...

An assignment is a transfer to another of any property, real or personal, or of any rights or estates in said property. In real estate contract law, an assignment is the transfer of a party’s rights and obligations under a contract to another person or entity. This...

An area whose boundaries are set for tax assessment purposes only. An assessment district is a defined geographic area where property owners are charged an additional fee or tax to help pay for specific public improvements or services that benefit that area. These...

An assessment is an estimate of value for tax purposes. Also referred to as assessed valuation. An assessment is a value assigned to a property, most commonly by a local government, for the purpose of calculating property taxes. This assessed value is typically...

The price at which the seller is offering property for sale. The asking price is the amount of money a seller lists a property for when it is put on the market, and it serves as the starting point for buyer interest and negotiations. The asking price is usually based...

Premises accepted by a buyer or tenant in the condition existing at the time of the sale or lease, including all physical defects. “As-is condition” means the property is being sold in its current state, with the seller indicating they will not make repairs,...

A hazardous material, used for fire resistance, once commonly used in insulation, flooring, and roofing materials. Asbestos is a naturally occurring mineral fiber that was widely used in building materials because it resists heat, fire, and corrosion, but it is now...

Any part of real property which passes upon the transfer, either attached or not, such as a barn or an easement. An appurtenance is something that is attached to or associated with a property and is considered a permanent part of it, meaning it typically transfers to...