An agreement where the owner of a property provides second mortgage financing. These are often combined with an assumed mortgage instead of a portion of the seller's equity.
An agreement in which the seller of a property provides financing to the buyer for the home purchase. See also "Owner Financing"
- Browse Related Terms: acceptance, affidavit, Asking Price, Assumable Mortgage, Assumption Clause, Assumption Fee, Assumption of mortgage, Bona fide, Creative financing, Disclosures, Earnest Money, Fair market value, HUD-1 Settlement Statement, non-assumption clause, Offer, Owner Financing, prorate, Rescission, Sale-Leaseback, Seller Take-Back