Finance
A buyer assumes the seller's existing mortgage in an Ohio transaction. This means the buyer:
AOnly takes subject to the mortgage but the seller remains liable
BTakes over personal responsibility for repaying the loan with lender approval✓ Correct
CAutomatically gets the same interest rate as the seller
DMust refinance within 90 days
Explanation
When a buyer assumes a mortgage, they take personal liability for the debt. The original borrower may be released from liability (novation) if the lender approves the assumption.
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