Finance
What does 'seller financing' mean in a North Dakota real estate transaction?
AThe seller pays the buyer's closing costs
BThe seller acts as the lender, accepting a promissory note from the buyer instead of full cash at closing✓ Correct
CThe seller donates the property to the buyer
DA bank finances the transaction at the seller's request
Explanation
In seller financing (also called owner financing or a land contract), the seller provides a loan to the buyer, accepting a promissory note secured by the property. This can be useful when buyers cannot qualify for traditional bank financing.
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