Buying a property “subject-to” means buying it subject to the existing financing. For example, you purchase a house from Joe Blow and he’s got a first mortgage for $50,000. When you purchase the house, you take over pmts of this mortgage (you do NOT get your own mortgage or assume this mortgage).
The net result is you now OWN the property, and now make the mortgage pmts, but Joe remains liable on the mortgage.
You’ve now bought the property without getting a loan. You’ve bought subject-to.
" When transferring title to a property encumbered by a mortgage lien
without paying off the debt or assuming the note, the buyer is taking
title “subject to.”