Finance
A Maine seller agrees to take back a purchase money mortgage. This means:
AThe seller pays off the buyer's mortgage at closing
BThe seller provides financing to the buyer as part of the sales transaction✓ Correct
CThe buyer assumes the seller's existing mortgage
DA bank purchases the mortgage from the seller at closing
Explanation
A purchase money mortgage is seller financing where the seller acts as the lender, accepting a mortgage note from the buyer in lieu of all cash at closing.
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