This is where a property is purchased with its mortgage. The buyer of the property makes the payments of the original mortgage that the seller had. Unless specified the original borrower will still remain liable.
Knowledge is the key to success. That is why we have gone to great lengths to get you these business terms and jargon, and explain them in Plain English. Its very easy to comprehend. Learn to understanding and know your business jargon. This will keep you informed among your peers. Bookmark Your business dictionary.