Finance
What is a 'purchase money mortgage' in Nevada?
AA mortgage used to purchase lottery winnings in Nevada
BA mortgage given by the buyer to the seller (seller financing) or to a third-party lender specifically to fund the purchase of the property✓ Correct
CA mortgage for less than the full purchase price
DA government-backed mortgage for first-time buyers
Explanation
A purchase money mortgage is a mortgage created as part of the same transaction as the purchase of real property. It can be seller-financed (seller takes back a note and deed of trust) or third-party lender financing. Under Nevada's anti-deficiency statutes, purchase money mortgages for owner-occupied residential property have special protection — lenders generally cannot pursue deficiency judgments after non-judicial foreclosure.
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