Adams v. George

I cannot agree with the majority’s holding that George did not assume the existing mortgages. There are three main factors leading me to conclude that George assumed the underlying mortgages.

*978First, George purchased the property for $45,000.00 The two existing mortgages totaled $41,000.32. After deducting the mortgage balance from the purchase price and then making deductions for transactional costs, George paid the sellers $2,054.30 in cash. The deduction of the mortgage balance from the purchase price in and of itself is proof that the buyer assumed the mortgage. Hinckley Estate Co. v.…