What is an assumption?
Good question. An assumption is a couple of things: 1. It is a statement about something that is thought to be true. 2. The difference between an assumption and a belief is that an assumption can be verified or proven, although the resources to do that might not be immediately available. The means by which the assumption could be verified or proven depends on whether the assumption is a mathematical, logical, or scientific assumption. Beliefs cannot be proven or verified. 3. If an assumption is stated clearly then it would give us some idea of how to go about verifying or proving it. It would provide information about the attributes it is assuming, including location in space and time. 4. Assumptions have to be made about something in the physical world that exists in some acceptable meaning of the word “exists”. You cannot make assumptions about things you believe if you don’t want to confuse people.
– Definition An assumption is where a purchaser takes over (or assumes) the responsibility of paying an existing mortgage. This typically requires permission from the current lender. The seller should also obtain a written release from the mortgage holder in order to make sure that they will no longer be liable for making mortgage payments. Although, there may be additional charges or fees involved with an assumption, it could potentially save a buyer money in closing costs and interest.
