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
Association of people not treated as a corporation. Examples are a limited partnership and a group of cooperative owners. ...
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Capacity in real life has numerous meanings. So, what is the definition of capacity? The “capacity definition’ applies to the highest amount a distinct object or entity can ...
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Present worth of the property which is different than the price paid for it or its book value (cost less accumulated depreciation). The current value may be determined through appraisal. ...
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