Clause in a mortgage contract prohibiting Assumption of the mortgage by a third party, at the same rate and payment terms, without the prior approval of the lender. Also known as a Due on Sale Clause.
Nonassumption Clause
| Banking Dictionary: Nonassumption Clause |
| 5min Related Video: Nonassumption Clause |
| Real Estate Dictionary: Nonassumption Clause |
Same as Due-On-Sale Clause.
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 | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. Read more |
