When a Purchaser Takes a Property "Subject To" an Existing

question 14

True/False

When a purchaser takes a property "subject to" an existing mortgage,the purchaser becomes personally liable for repaying the debt.

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Definitions:

Capital balances

The amount of money that partners or owners have invested in a business minus any withdrawals they have made from the business.

Profits

The financial gain obtained when revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Losses

Financial conditions reflecting that expenses have exceeded revenues, resulting in a negative net income.

Annual Salary

The total amount of money an employee is paid over the course of a year for their work, typically expressed as a yearly sum rather than hourly wages.