Len offered the land to Billings, Inc. for $ 10,000 less than Len’s equity in the property. This was acceptable to Marine Realty. At closing, Billings paid the arrearage, assumed the mortgage and note, and had title transferred to its name. Marine Realty released Len. The transaction in question is a( n):
a. purchase of land subject to a mortgage
4. contract was discharged?