If a buyer and seller negotiate a sale of real property where the buyer takes title subject to the seller's existing loan, and the sale is made without the knowledge or consent of the lender, the parties should be advised that:
A: The loan may be accelerated if the lender learns about the sale;
B: The sale might not be completed if the loan is called and the buyer is unable to secure alternative financing;
C: The seller retains personal liability for the loan and any potential deficiency;
D: All of the above.
Answer: D: All of the above.
Business
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