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purchase money mortgage |
Also found in: Legal, Financial, Acronyms | 0.01 sec. |
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purchase money mortgage A mortgage that secures a loan the proceeds of which are used to finance the purchase of property. Colloquially, the term generally is employed only to denote a mortgage taken by the seller of property to secure later payment to him of the unpaid portion of the purchase price. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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