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16. Assessment

The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.

17. Asset

Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).

18. Assignment

The transfer of the mortgage from one person to another.

19. Assumable mortgage

A mortgage that can be taken over (“assumed”) by the buyer when a home is sold.

20. Balloon mortgage

A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term.

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