Toronto Real Estate Glossary A
(Approved - Assumption Fee)
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Approved
Term used to indicate that a particular installation has been found
to be in line with regulations, such as the building code, by a governing
body. Also refers to a building project that has received all regulatory
authorization required for construction to proceed.
As Is
Implied in most Agreements of Purchase and Sale, suggests the
Purchaser is accepting the property in its current condition and
releases the Vendor from any liability for problems found before
or after closing.
Asking Price
Seller's initial price asked for a property.
Asset
Item of value, i.e. cash, securities, investments, real estate, etc.
Assumption
The transfer of the seller’s existing mortgage to the buyer. See
assumable mortgage.
Assumption Clause
Provision allowing a buyer to take over transfer of the mortgage, which
is held by the seller.
Assumption Fee
Fee the lender charges to process the paperwork for the buyer assuming
the existing loan.
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