Business, 05.08.2020 05:01 brittanysanders

The buyers purchased a residence for $195,000. They made a down payment of $25,000 and agreed to assume the seller's existing mortgage, which had a current balance of $123,000. The buyers financed the remaining $47,000 of the purchase price by executing a mortgage and note to the seller. This type of loan, by which the seller becomes a mortgagee, is called a

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The buyers purchased a residence for $195,000. They made a down payment of $25,000 and agreed to ass...

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