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Source Real Property Complete MEE Subjects List Showing the closest available flashcard practice.

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0 tracked cards Real Property

Borrower sells mortgaged land to Buyer. The deed states that Buyer "assumes and agrees to pay" the mortgage debt. The lender does not release Borrower.
Which statement is most accurate?

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Assumption is valid only if no foreclosure ever occurs. The assuming buyer may be personally liable on the mortgage debt, and the original borrower remains liable unless released by the lender. Assumption makes the lender an owner of the land. Assumption turns the mortgage into a lease.

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