Finance
A buyer in Alabama assumes the seller's existing mortgage. This means the buyer:
ATakes over the loan and becomes personally responsible for repayment✓ Correct
BGets a new loan to pay off the seller's loan
CBuys the property subject to the existing loan without personal liability
DMust pay off the loan at closing
Explanation
When a buyer assumes a mortgage, they take personal responsibility for repaying the loan. The buyer steps into the seller's shoes and becomes personally liable for the debt.
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