Finance
A 'due-on-sale' clause in a Minnesota mortgage means:
AThe mortgage payment is due before the sale closes
BThe full loan balance becomes due if the property is sold or transferred✓ Correct
CThe buyer may assume the loan without lender approval
DProperty taxes are due at the time of sale
Explanation
A due-on-sale (acceleration) clause requires the entire loan balance to be paid off when the property is sold or transferred. It prevents buyers from assuming the seller's mortgage without lender approval and is standard in most modern conventional mortgages.
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