Purchase money 2025

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This document is an agreement for the purchase of a condominium unit between a seller and a purchaser, detailing the property description, purchase price, financing terms including existing mortgage obligations, and conditions for closing. It outlines the rights and responsibilities of both parties, including consent requirements from the Board of Managers, title transfer conditions, and provisions for personal property included in the sale.

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What does purchase money note mean?

Purchase Money Note means a promissory note evidencing a line of credit, or evidencing other Indebtedness owed to the Company or any Restricted Subsidiary in connection with a Qualified Receivables Transaction, which note shall be repaid from cash available to the maker of such note, other than amounts required to be

What is considered purchase money?

What is a cash purchase? A cash purchase is the more straightforward of the two options. The buyer pays for goods or services immediately, either at the time of sale or when the product is delivered. Theres no need for any credit checks, contracts, terms, or conditions.

What does it mean when it says purchase?

(a) [Definitions.] (2) purchase-money obligation means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used.

What does purchase mean money?

a. : to obtain by paying money or its equivalent : buy. b. : to acquire (real estate) by means other than descent.

What is a purchase money instrument?

Key Takeaways. A purchase-money mortgage is an option for borrowers who dont qualify for a mortgage through traditional lending channels. With a purchase-money mortgage, the buyer gives the seller a down payment and a financing instrument instead of getting a loan through a mortgage lender.