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What does a purchase money note contain?

Purchase Money Note means a promissory note of a Receivables Subsidiary evidencing the deferred purchase price of Receivables (and related assets) and/or a line of credit, which may be irrevocable, from the Issuer or any Restricted Subsidiary in connection with a Qualified Receivables Financing with a Receivables

How is a purchase money mortgage different from a mortgage?

A purchase money mortgage is like any other kind of mortgage, except that the seller is effectively deferring a portion of the purchase price due from the purchaser. In some instances, a loan from a third party enabling the purchaser to purchase real estate is also considered a purchase money mortgage.

How do you tell if a mortgage is a purchase money mortgage?

The main differences between a purchase-money mortgage and a mortgage from a bank are the qualifying requirements and who holds the deed. In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.

What is a money purchase mortgage?

Primary tabs. Sometimes, a person buying real property gives the seller a mortgage on the property as part of the deal to buy the property. This is called a purchase money mortgage, because this type of mortgage usually replaces part or all of the cash that the buyer would otherwise pay the seller.

Do banks give purchase money mortgages?

Technically, a purchase money loan can be a mortgage provided by a credit union, mortgage company, a government agency, or the bank. However, most of the time, its a loan provided directly by the seller, as mentioned above.

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