Finance
In Pennsylvania, the term 'assumption of mortgage' means the buyer:
AAssumes the seller's property taxes going forward
BTakes over personal liability for the existing mortgage, stepping into the seller's shoes with lender approval✓ Correct
CReceives the property deed with the existing mortgage attached but with no personal liability
DAssumes responsibility for all seller's closing costs
Explanation
A mortgage assumption in Pennsylvania means the buyer personally assumes the obligation of the existing mortgage — they become liable for repayment. The seller may still be liable unless they receive a release from the lender. Lender approval and credit qualification are typically required for formal assumptions.
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