Finance
A North Dakota seller 'carries back' a second mortgage to help a buyer close the transaction. This means the seller:
APays off the buyer's first mortgage
BActs as the lender for part of the purchase price, accepting a promissory note secured by a second deed of trust✓ Correct
CCarries the property back to their own possession
DCancels the first mortgage
Explanation
In a purchase money second mortgage, the seller finances part of the purchase price by accepting a promissory note secured by a second mortgage (or deed of trust) on the property. This helps bridge the gap between the first mortgage and purchase price.
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