purchase money mortgage

A mortgage that a buyer gives the seller, when the property is conveyed, to secure the unpaid balance of the purchase price. — Abbr. PMM. See SECURITY AGREEMENT. [Cases: Mortgages 1, 115. C.J.S. Mortgages §§ 2–6, 151.]

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词条贡献者

资深译员Fang，毕业于美国一流的高级翻译学院，专注翻译各种与主权及机构投资有关的法律文件。