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Purchase Money Mortgage |
Also found in: Acronyms | 0.03 sec. |
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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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? References in periodicals archive |
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A purchase money mortgage in the amount of $263,900 on a multifamily apartment building located in Fall River, Mass 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. This reflects success of our plan to expand marketing efforts in new geographical areas, and our strategy to emphasize purchase money mortgage originations. |
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