owner financing/traditional morgage legality

[Ryan Irving]

My parents are willing to sell me a property for very cheap.  however there remains a 72k morgage on the property.

Could they sell the property to me for 107k so that the bank would loan me enough to cover the existing morgage.  so that they could deed the property over to me and i continue to owner finance with zero interest the remaining money i owe to them.

This is an attempt to not have to come up with money down and get around the loan coming due from them deeding the property to me.  also this would remain a rental property so that is why i would be using a traditional loan.

I wanted to know if this is the best course of action and the legality of it.