Depends on the definition of “said encumbrances”. If they are defined in the purchase contract as only the current financing, then yes. Meaning, if for a $100k property, you list the $50k 1st mortgage and the $30k 2nd HELOC, and nothing else (and add in the sub to wording), then you are buying subject to those 2 encumbrances. However, if you just assume those are the only encumbrances, and use subject to wording that says subject to all encumbrances, then you might be taking on other liens and debts.