Which of the following best describes seller financing as commonly used in Oklahoma?
Correct Answer
B) The seller carries the promissory note, which is common for rural and mineral properties where conventional financing may be difficult to obtain
In Oklahoma, seller financing (also called owner financing) occurs when the seller acts as the lender and carries the promissory note. It is particularly common for rural properties and those involving mineral rights, where conventional lenders may be unwilling or unable to provide financing.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
The loan-to-value ratio (LTV) is the percentage of a property's appraised value or purchase price (whichever is lower) that is being financed through a mortgage. LTV = Loan Amount / Property Value.
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