Purchase Money Mortgage

Also found in: Financial, Acronyms

0.02 sec.

A security device entered into when the seller of property, as opposed to a bank or financial institution, advances a sum of money or credit to the purchaser in return for holding the mortgage on the property.

The seller of the property, rather than a lending institution, is the mortgagee. These mortgages are given concurrently with the conveyance of the land or the transfer of the items sold.

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mortgage

A purchase money mortgage in the amount of $263,900 on a multifamily apartment building located in Fall River, Mass

Northeast Community Bank by Real Estate Weekly

Example 3: The facts are the same as in Example 2, except the transferee corporation also assumes a $500,000 purchase money mortgage note on the building.

How debt can become Draconian boot in a Sec. 351 exchange by Bailine, Richard W. / The Tax Adviser

This reflects success of our plan to expand marketing efforts in new geographical areas, and our strategy to emphasize purchase money mortgage originations.

TMSF Holdings, Inc. Reports Record First-Quarter Results; Revenue of ... by Business Wire

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