Kiritsis & Associates


What is an assumption? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it refers to assertion of personal liability for a repayment through, a take-over of the loan. In many jurisdictions, mortgages are potentially assumable, but lenders often use a variety of ways, in trying to prevent mortgage assumption. A common way, lenders try to prevent mortgage assumptions, is by insertion of due on sale clauses. Jurisdictions which permit assumption, tend to differ on whether for an assumption to be legally binding, it has to be explicitly stated and/or it can be implied by the behavior of the parties. Putting aside an assumption’s legality, there many potential pitfalls when using assumptions, such as:  (1) Special care should be paid on the preparation of the affected tax returns, since a mismatch and/or error may trigger a red flag for an audit (2) Anytime a deed is not recorded, there is always the potential for a smart trial attorney, to make a good argument which casts doubt on the ownership status of the property. (3) If there is a fallout, and the party who assumed the mortgage stops making the payment, then it may be very hard for either of the parties to use the property as a collateral to refinance (banks are not in the habit of lending money on parties, where the ownership and loan status may be in limbo).


Law Offices of Kiritsis & Associates

Phone # 212 922 0005

Manhattan Office (Main Office):

633 Third Avenue

New York, NY 10017

Suite 1306

Brooklyn Office (By Appointment Only):

1023 74th Street

Brooklyn, NY 11228

1st Floor

New Jersey Office:

7309 Ventnor Avenue

Ventnor, NJ 08406

2nd Floor



We hope you would find this website useful with regards to finding potentially relevant information for your legal issue.   The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey.  We strive to provide professional legal services for individuals and various business entities.  Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.

We offer flat fee prices for many of the practice areas provided listed throughout our website.  For more information on the topic you may be interested, or simply to find out how our law Firm Group can help, you may click at any of our site's links.


We are available for existing and potentially new clients 7 days a week -- via online, phone and/or in person.

Phone# 212-922-0005


Intellectual Property Disclaimer(s):

Copyright 2021

The materials available through this website and any other websites owned by John Kiritsis (individually and collectively, the "Website") are the property of John Kiritsis and his entities, and are protected by copyright, trademark and other intellectual property laws.  You may not use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the Website without the prior written approval of John Kiritsis.  Be aware that any unauthorized use of John Kiritsis trademarks and copyrighted content for commercial purposes in violation of John Kiritsis's intellectual property rights will be vigorously enforced.  All other trademarks, service marks and trade names referenced in this site are the property of John Kiritsis.

Website Created & Hosted with Website Builder