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Archives: Glossary

Assuming a mortgage

Mortgage assumption can happen when a purchaser purchases a property that has an existing mortgage on it, and takes over the existing mortgage on the property. The purchaser assumes the mortgage from the seller and takes on all responsibilities for the mortgage. When assuming a mortgage, most banks and lenders will require that purchaser and …

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Amortization Period

The amortization period is the time period used by lenders and banks to measure the time it will take to pay a mortgage in full. The amortization period is not the term of the mortgage. A mortgage term can range between 6 months to 10 years, whereas an amortization period can range between 0 years …

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Agreement of Purchase and Sale

The agreement of purchase and sale (abbreviated as APS) is a document in a real estate sale or purchase transaction, between a buyer and a seller of a home. Enclosed in the agreement of purchase and sale, is the sale agreed sale price, closing date of the real estate sale or purchase, and names of …

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