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
Timber in an original form, such as a pole. ...
Member of a partnership whose liability for partnership debts is limited to the amount invested in the partnership. A limited partner is prohibited from taking active part in the management ...
Estimated value of property after a specified time period. ...
Measure of land representing one square mile. A section equals 640 acres. ...
mortgage being reduced through periodic principal and interest payments. ...
The portion of property income due to the ground value itself. It is used in a few states whereby an individual can own a structure and rent the ground to occupy a plot of land. ...
In an everyday scenario, a meeting of the minds implies fully agreeing with another person. What does meeting of the minds mean in real estate? Picture you want to buy or sell a property. ...
Structure not directly belonging to a property but considered a part of it through the use of an easement of common consent. ...
See historic structure. ...
Have a question or comment?
We're here to help.