Subject To Mortgage Or Trust Deed
Situation in which a purchaser acquires mortgaged property and continues to pay the mortgagee for the debt outstanding. Although the new buyer continues to pay the mortgagee for the debt due, the new buyer is not liable for the amount due. In the case of a default, the seller of the property is liable for the remaining debt. In the case of default, only the new purchaser's equity in the property is lost.
Popular Real Estate Terms
(1) Surrendering voluntarily or involuntarily ownership of property or an interest therein. (2) Court order to give up possession or the right to property such as in the case of an ...
The Exclusive Right to Sell Listing is a type of Listing where the Listing Broker/Agent wins his/her commission even if he/she wasn’t directly responsible for the sale.Let’s ...
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