David Saks: June 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2766

 #2766

Anytime a buyer works out an arrangement that will allow the seller to assume the mortgage rather than a traditional lender this type of arrangement is known as a partnership.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

The type of arrangement that allows the seller to assume the mortgage for the buyer rather than a traditional lender is known as a purchase money mortgage.

The seller is extending credit to the buyer in this type of mortgage arrangement.

The seller has the option of accepting a mortgage or a deed of trust instead of cash at closing.

Another name for this type of loan is a takeback or a carryback loan,




David Saks



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Comment balloon 0 commentsDavid Saks • June 19 2014 12:51PM
Real Estate Practice : Lesson 2766
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#2766 Anytime a buyer works out an arrangement that will allow the seller to assume the mortgage rather than a traditional lender this type of arrangement is known as a partnership Is this true or false Take your time. The… more
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