Escrow & Title
In a Mississippi transaction where the buyer assumes the seller's existing mortgage, the buyer:
ATakes the property subject to the mortgage but has no personal liability
BBecomes personally liable for the mortgage debt and takes over the existing loan terms✓ Correct
CRequires the seller to pay off the mortgage before closing
DMust refinance the property immediately
Explanation
When a buyer assumes a mortgage (with lender approval), they become personally liable for the debt and take over the loan's terms. If they default, both buyer and seller may be liable unless the seller is released by the lender (novation).
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