Finance
A Florida seller agrees to carry back a second mortgage for a buyer. The seller should obtain which documents to secure this agreement?
AOnly a promissory note
BA promissory note AND a recorded mortgage (deed of trust equivalent) against the property✓ Correct
COnly a recorded mortgage — no note is necessary
DA letter of credit from the buyer's bank
Explanation
For seller financing, the seller should obtain both: (1) a promissory note (the buyer's personal promise to repay) and (2) a mortgage recorded against the property (the collateral security). Recording the mortgage protects the seller's lien priority.
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