Pennsylvania Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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How to fill out Pennsylvania Agreement To Purchase Condominium With Purchase Money Mortgage Financing By Seller, And Subject To Existing Mortgage?
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FAQ
A quick definition of non-purchase-money: This means that the loan is not used to purchase the property that is being used as collateral. For example, a non-purchase-money mortgage is a loan that is secured by a property that was not purchased with the loan funds.
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.
Also known as seller financing, a purchase-money mortgage is a loan the property seller provides to the home buyer. This type of mortgage is common in situations when the buyer doesn't qualify for standard bank financing, much like other nonconforming loans.
: the consideration paid or to be paid by the purchaser of property.
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.