Agrees to pay mortgage debt

Agrees to pay mortgage debt

What does Agrees to pay mortgage debt mean in American Law?

The definition of Agrees to pay mortgage debt in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

A phrase which, when used between vendor and purchaser of real property, will lead to an assumption of mortgage by the purchaser, rather than a mere taking “subject to” the mortgage.


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