A home-financing technique in which buyer borrows from the seller instead of,...
A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property.
A mortgage given to the seller, with the mortgage constituting all or part of the compensation received for the sale of property. Such a mortgage is used when the seller is also the lender. Most purchase-money mortgages are one or two years in length or, in some cases, up to five years.... read full article
A mortgage obtained by a borrower as partial payment for a property.
Any mortgage given by a borrower to acquire real property.
A mortgage given as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction. It is commonly a mortgage taken back by a seller from a purchaser in lieu of purchase money. A purchase-money mortgage is usually used to full a gap between the buyer's down payment and a new first mortgage or mortgage assumed, as when the buyer pays 10 percent in cash, gets an 80 percent first mortgage from a bank, and then the seller takes back a purchase-money second mortgage for the remaining 10 percent.
A mortgage a purchaser of real property gives a seller as all or part of the consideration in the sales transaction.
Mortgage given by a borrower to the seller as part of the purchase price of the property.
A mortgage that a borrower obtains to acquire a property.
A note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate. uitclaim Deed- A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations. EALTOR®- A registered trademark term reserved for the sole use of active members of local REALTOR® boards affiliated with the National Association of REALTORS®.
