Finance
What is a purchase money mortgage (PMM) in Nevada?
AAny mortgage used to purchase real estate
BA mortgage or deed of trust given by the buyer to the seller (or a lender) as partial payment for the purchase price at the time of sale✓ Correct
CA mortgage that requires money from both parties
DA government loan program for Nevada property purchases
Explanation
A purchase money mortgage is created at the time of the property purchase — either as seller financing (buyer gives the seller a note and deed of trust) or as a new institutional loan. Nevada's anti-deficiency statutes provide specific protections for purchase money mortgages on owner-occupied residential property.
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