Finance
Vermont's mortgage assumption allows a buyer to:
APurchase property without any financing
BTake over the seller's existing mortgage, subject to lender approval✓ Correct
CAssume the seller's lease obligations
DAssume the seller's property tax obligations
Explanation
An assumable mortgage allows the buyer to take over the seller's existing loan with the lender's approval, potentially at a favorable existing interest rate. Most conventional loans are not assumable; FHA and VA loans typically are.
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