Finance
A seller 'takes back' a purchase money mortgage from the buyer. This means the seller:
ARetains title to the property after closing
BActs as the lender, financing part of the purchase price for the buyer✓ Correct
CRequires the buyer to pay cash at closing
DReclaims the property from the buyer at the end of the loan term
Explanation
In seller financing, the seller acts as the lender. The buyer makes mortgage payments to the seller rather than a bank. A purchase money mortgage is created at the time of sale.
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