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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Seller Carryback


Synonyms:layaway, loan agreement
Filed Under: mortgages
Tags: mortgage
 

Definition of seller carryback

seller carryback
1. A form of financing where the property seller accepts a down payment and agrees to accept payments until the property is paid for in full.

Related Terms and Acronyms:

  • contract for deed (CFD)   An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
  • down payment   The portion of the purchase price a buyer pays, in cash, at the time the loan originates.
  • land contract (LC)   An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
  • lump sum payment   One-time single-sum payment or payout.
  • owner financing (O/F, OF, OWN)   A transaction in which the seller lends all or part of the money to the buyer.
  • rent-to-own (RTO)   An agreement to purchase an asset after a series of rental payments.
  • vendor take back   Where the seller of the property provides all or some of the financing in order to sell the property.

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