#1090
An assumption is when one party or another assumes that the property is going to be given to them as part of a devise.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.
A. False
If a buyer takes over the responsibility of repaying a seller's existing mortgage, and subsequently the buyer becomes liable to the lender, this is known as an assumption.
If the seller is not released by the lender the seller may still remain secondarily liable for repayment of the loan.
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