Whats the difference between “taking title subject to” and assuming an existing loan?
• Taking a title subject to is usually not used to define the status of a mortgage. It is more commonly used to refer to some condition that exists on the title to the property. i.e. an easement, common areas, etc. Taking title ‘subject to” a loan will leave you in a position of liability. If the seller has a loan they are supposed to continue to pay and don’t the home will be foreclosed on and sold. You don’t get to keep your “part” of the homeownership and they are under no obligation to reimburse you what you have spent towards buying the home. Further, if you had secured secondary financing on the home you would STILL be obligated to pay off this debt, even if the home was no longer “yours”. This answer is (useful somewhat useful incorrect offensive/spam) Add new answer Add new question Email me when a new answer is posted Top • Taking title subject to the mortgage, means that the mortgage continues to encumber the property but you are not personally liable to pay the mortgage. Ass
