Property Ownership
Under Connecticut law, a buyer takes title to a property 'subject to' an existing mortgage. What is the buyer's personal liability for the mortgage?
AThe buyer is fully personally liable for the mortgage
BThe buyer has no personal liability; only the property secures the debt✓ Correct
CThe buyer shares liability equally with the original borrower
DThe buyer is liable only for any payments in arrears at the time of purchase
Explanation
When a buyer takes title 'subject to' an existing mortgage, they do not assume personal liability for the debt. If the buyer defaults, the lender can foreclose on the property, but the original borrower remains personally liable.
Related Connecticut Property Ownership Questions
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