The Irwins made an offer to purchase the Greys' property. As part of the offer, the Irwins agreed to take title "subject to" an existing VA loan which the Greys obtained when they purchased the property in the approximate amount of $39,000. If the Greys sell to the Irwins under these conditions, which of the following is true concerning liability for a loss suffered by the government after a foreclosure on the VA loan:
A: The Irwins will be primarily liable;
B: The Greys and the Irwins will be equally liable;
C: The Greys will be primarily liable;
D: Neither couple is liable because the Irwins took title "subject to" the existing loan.
Answer: C: The Greys will be primarily liable;
Business
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