Property Ownership
A West Virginia buyer purchases a property subject to an existing mortgage. 'Subject to' means:
AThe buyer assumes personal liability for the mortgage
BThe seller's mortgage remains in place and the buyer takes title without personally assuming the debt; the seller remains liable✓ Correct
CThe lender approves the transfer of personal liability to the buyer
DThe mortgage is automatically paid off at closing
Explanation
Taking title 'subject to' an existing mortgage means the buyer acquires the property with the existing mortgage in place but does not personally assume liability for the debt. The original borrower (seller) remains personally liable.
Related West Virginia Property Ownership Questions
- A West Virginia property is subject to a surface use agreement related to coal mining. This means:
- A West Virginia landowner discovers their neighbor has erected a building that encroaches 18 inches onto their property. The landowner's options include:
- In West Virginia, a lis pendens recorded against a property gives constructive notice that:
- A West Virginia developer who wants to establish a homeowners association (HOA) must:
- Under West Virginia law, which of the following would be classified as a general lien rather than a specific lien?
- A West Virginia buyer purchases a property and records the deed. Recording the deed primarily provides:
- A West Virginia buyer purchases a property and receives a deed. The transfer of ownership becomes effective upon:
- A West Virginia property owner wants to know the difference between an appurtenant easement and an easement in gross. The key distinction is:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →