Finance
A South Dakota buyer is using a seller carryback (purchase money mortgage). This means:
AThe buyer pays cash and the seller pays the mortgage
BThe seller finances all or part of the purchase price by holding a mortgage note from the buyer✓ Correct
CA third-party lender provides the purchase money
DThe state's housing agency provides the financing
Explanation
In a seller carryback, the seller acts as lender and provides all or part of the financing. The buyer gives the seller a note and mortgage (or deed of trust) rather than obtaining bank financing for that portion.
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