Finance
In Texas, a 'seller carryback' or seller financing arrangement where the seller accepts a promissory note from the buyer means:
AThe seller acts as the lender and receives monthly payments from the buyer✓ Correct
BThe seller pays the buyer's mortgage for the first year
CThe buyer's lender holds the mortgage on behalf of the seller
DThe seller retains an ownership interest in the property after closing
Explanation
In seller carryback or seller financing, the seller acts as the lender by accepting the buyer's promissory note rather than receiving all cash at closing. The buyer makes periodic payments to the seller per the note terms. The property typically secures the debt through a deed of trust.
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