I was told that this is not an option in Missouri. Does anybody know about this?
In fact, the HUD-1 Settlement Statement (lines 203 and 503) that is used for virtually every loan closing has a blank which states, "loans taken subject to."
How could a HUD-promulgated closing form contain such a blank if it were a crime to take property subject to an existing loan?
Here is the link. Read the whole thing as it has very intricate explanations for you.
By the way, thanks for the question as many people have an interest in this.