Used to determine class lives for property and equipment, this is a range of depreciable lives allowed by the IRS for a particular asset.
Assign
To transfer certain rights to another.
Assignment of mortgage
The transfer of a mortgage from the old owner to the new owner. This type of mortgage is an assumable mortgage.
Assignor
The person transferring rights and interests in a property.
Assize
Block of cylinder-shaped stone.
Assumable mortgage
Mortgage which can be transferred to another qualified borrower upon the sale, to that borrower, of the home on which the mortgage exists.
Assumption
When a buyer takes over a seller's mortgage upon purchasing a home.
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.
Assumption of mortgage (deed of trust)
The buyer of a property agrees to accept the existing mortgage on that property but the seller is not relieved of that obligation unless the lender agrees to release him/her from that responsibility.
