Purchase-Money Mortgage — A mortgage issued to the borrower by the seller of the home as part of the purchase transaction. This is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels. This is also known as seller… … Investment dictionary
purchase-money mortgage — A mortgage executed to secure the purchase money or a part thereof by a purchaser of property, contemporaneously with the acquisition of the title thereto, or afterward, but as a part of the same transaction. 36 Am J1st Mtg § 15 … Ballentine's law dictionary
purchase-money mortgage — A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property. Bloomberg Financial Dictionary … Financial and business terms
purchase-money mortgage — noun : a mortgage to secure part or all of the purchase price of the property mortgaged given by the buyer to the seller or to a third person furnishing a loan to the buyer … Useful english dictionary
purchase-money paper — A note or draft given the vendor or seller in payment of the purchase price of real or personal property purchased by the maker. See purchase money mortgage … Ballentine's law dictionary
mortgage — mort·gage 1 / mȯr gij/ n [Anglo French, from Old French, from mort dead (from Latin mortuus ) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or… … Law dictionary
purchase — pur·chase 1 vb pur·chased, pur·chas·ing vt 1: to acquire (real property) by means other than descent or inheritance 2: to obtain by paying money or giving other valuable consideration; specif: to take (property) by a voluntary transaction (as a… … Law dictionary
mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… … Black's law dictionary
mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… … Black's law dictionary
purchase — Transmission of property from one person to another by voluntary act and agreement, founded on a valuable consideration. Spur Independent School Dist. v. W. A. Holt Co., Tex.Civ.App., 88 S.W.2d 1071, 1073. To own by paying or by promising to pay… … Black's law dictionary
