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
Type of ownership by husband and wife, recognized in 27 states, in which the rights of the deceased spouse pass to the survivor. It is the same as joint tenancy, except that one spouse ...
The depreciation method where an equal amount of depreciation expense is allocated to each full period of the asset's useful life. The amount of depreciation is computed as follows; Annual ...
Purchase of part of property or property rights when condemnation takes place. The owner must be justly reimbursed. ...
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Personal income minus personal income tax payments and other government deductions. It is the personal income available for people to spend or save; also called take-home pay. It may be a ...
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