So if you wanted to "replace the mortgage" you can by using seller financing.Most people do not have cash reserves to replace a mortgage so they have to take a debt instrument in order to fulfill the two criteria above. 

It's a great alternative to listening to the same music over and over. 

Simultaneous foreclosure of two or more instruments?

Other than purchasing instruments that earn interest or dividends or what have you, it's the most straight-forward source of 'passive income' that you'll find - your money earning you money without anything further that you have to do (well, other than keeping up with your property manager, etc).Flipping, on the other hand, is a job, even if you're just the general manager.  

ACCEPTANCE: This instrument will become a binding contract when accepted by the Seller and signed by both Buyer and Seller.

It has been so instrumental in our investing journey, and in my growth as a real estate agent.

Or maybe the tenant plays his music too loud and is a daily nuisance to the other tenants.

Were you not to, you might be prevented due to the merger of interests created by a deed in lieu given to lender/assignee as vested in beneficial interest in security instrument. 

Whereas, Subject to refers to the new Buyer being subordinate to the existing lien and also creating some form of liability for said lien.There are clauses in many security instruments (Mortgage/Deed of Trust) which allow the Mortgagee to call the loan due if any portion of interest in the real property is transferred.

The case law in North Carolina is clear that there is a conflict of interest for the closing attorney if they draft the security instrument for the seller and represent the buyer...SO.... here I require the seller to get independent counsel to draft the second note and security instrument.