A transaction where the seller of the property takes a promissory note for some, or all, of the equity in their house, upon its selling. The promissory note specifies the terms under which the buyer of the property is expected to pay the amount owed to the seller over time. Carrybacks can be secondary financing, after a separate first mortgage obtained elsewhere, or the carryback might be for the whole amount as well. Also referred to as "seller financing."