A seller sold her house to a buyer who agreed to assume the existing loan. They proposed this to her lender, who approved the assumption. Which of the following statements is true with respect to the outstanding loan payments?
A. The seller remains primarily liable and the buyer is secondarily liable
B. The buyer is primarily liable and the seller is secondarily liable as a surety
C. The seller is completely relieved of liability
D. The buyer is completely relieved of liability
Answer: B. The buyer is primarily liable and the seller is secondarily liable as a surety
Business
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