In real estate transactions, which term best describes a buyer's ability to freely transfer their mortgage?

The term that best describes a buyer's ability to freely transfer their mortgage is the right of assignment. This concept allows a borrower to transfer their rights and obligations under the mortgage agreement to another party. When a buyer has the right of assignment, they can assign their mortgage to another, potentially making it easier for them to sell the property or transfer ownership without complications from the lender.

Loan assumption refers to a situation where a buyer takes over the seller's existing mortgage, which can involve specific lender approval. Pre-approval relates to a buyer getting approval from a lender for a loan before looking for a property, but it does not pertain to transferring a mortgage. The term "subject to a mortgage sale" indicates that the buyer is purchasing property while the existing mortgage remains in place, but it does not inherently confer the ability to transfer the mortgage itself.

Thus, the right of assignment accurately captures the idea of transferring mortgage obligations and rights, making it the most appropriate choice for describing a buyer's freedom to transfer their mortgage.