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For example, if a buyer pays a $2,000 down payment and borrows $8,000 for a $10,000 parcel of land, and pays off in installments another $4,000 of this loan (not including interest), the buyer has $6,000 of equity in the land (which is 60% of the equitable title), but the seller holds legal title to the land as recorded in documentation in a ...
The sale price is too high to obtain traditional financing. The parties want to close quickly and/or save on closing costs. The parties prefer more flexible terms than what traditional lenders offer.
Seller financing contracts are subject to fewer consumer protections than mortgage loans in most states. While seller financing can provide a unique way for people with low credit scores to obtain a path to home ownership, they are considered predatory by groups such as the Center for American Progress. In addition, some investment firms have ...
Hughes land transactions from family records – a complete handwritten record of all of the Hughes land transactions, 1794–1903, with buyer, seller, date, acreage, deed book numbers and pages. William T Hughes Murder recorded in a Nicholasville, KY newspaper of the day. Kentuckiana Digital Library "Elmendorf Farm Photographic Collection, ca ...
A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed.
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