Finance
In NJ, 'seller financing' with a purchase money mortgage typically has what lien priority relative to other liens placed at the same time?
AJunior to all previously existing liens only
BSenior to all simultaneously recorded liens, as purchase money mortgages take priority over judgment liens existing at the time of purchase✓ Correct
CNo priority at all
DPriority determined alphabetically by lender name
Explanation
NJ recognizes that purchase money mortgages (given to the seller or a third-party lender to fund the purchase price) take priority over all prior existing liens on the property, and are senior to judgment liens that existed at the time of purchase—protecting the financer who enabled the buyer to acquire the property.
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