| 释义 |
subject to mortgage
subject to mortgageA conveyance of property will be subject to an existing mortgage if the purchaser has actual or constructive notice of it, e.g., if a mortgage of real property has been recorded in the land records. If there is a default in mortgage payments, the mortgagee may fore-close. The new owner usually keeps up the mortgage payments in order to preserve his interest in the property. But if he decides not to do so (if, for example, the property’s value drops below that of the amount still unpaid on the mortgage), he is not personally liable to make the mortgage payments unless he has agreed to do so. See assumption of mortgage.Subject to Mortgage
Subject to MortgageAn agreement in which the owner of real estate transfers to another party the right to use the property, in exchange for which the other party makes mortgage payments to the lender. Neither the property nor the legal obligation to make the payments transfers. This is a high risk endeavor for the owner: if the other party stops paying, the lender must collect from the current owner. However, the owner maintains title to the property. |