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
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Horizontal supports for the ceiling of a structure. ...
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Underground pit or tank used to store sewage. ...
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