Purchase-mortgage – in the area of Property purchases, this term refers to a mortgage, established by the buyer in favor of the seller, in cases where the buyer does not have the total purchase price at the time of the title transfer and hasn’t been approved for bank loan as well; therefore the seller receives from the buyer a mortgage on the real estate in his/her favor and waits for the agreed payment structure of the outstanding part of the sale price. In case of non-payment, the seller/creditor can take the real estate on a public sale via the bailiff.

Posted in: P