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Term of the Day
subject to mortgage
subject to collection
subjective value
Definition
Situation where a
buyer
takes
title
to mortgaged
real property
but is not personally
liable
for the
payment
of the
amount
due. The buyer must make
payments
to
keep
the
property
; if he or she
defaults
, only the
equity
in the property is lost.
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subjective value
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sublessor
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