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ASSUMPTION A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. ASSIGNMENT The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee. EXCLUSIVE AGENCY A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission. BANKRUPTCY A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts. SURRENDER A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease. |
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