Finance
What is 'seller financing' (owner carry-back mortgage) and when is it commonly used in Oregon?
AA program where the government seller finances public land sales
BA transaction where the seller provides all or part of the financing to the buyer, taking back a deed of trust or land sale contract rather than receiving all cash✓ Correct
CFinancing arranged by the seller's real estate broker
DA loan from the Oregon Housing and Community Services agency
Explanation
Seller financing (owner carry-back) occurs when the seller acts as the lender, providing all or part of the financing directly to the buyer. In Oregon, this can be structured as a deed of trust/promissory note or a land sale contract.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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