In a seller financing arrangement, the seller primarily acts as the:
Correct Answer
B) Lender who carries the promissory note for the buyer
In a seller financing arrangement, the seller acts as the lender by carrying the promissory note rather than requiring the buyer to obtain a traditional bank loan. The buyer makes payments directly to the seller under agreed-upon terms. This arrangement is common in Maine, particularly for rural and agricultural properties where conventional financing may be difficult to obtain.
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Related Topics & Key Terms
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