Escrow & Title
A South Dakota property sells for $340,000 with a $204,000 existing mortgage that the buyer assumes. The seller receives what at closing (assuming no other charges)?
A$340,000
B$204,000
C$136,000✓ Correct
D$0
Explanation
If the buyer assumes the existing $204,000 mortgage, the buyer pays the equity difference in cash. Seller's equity = $340,000 − $204,000 = $136,000 (before commissions and other closing costs).
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