Question

A person purchased a property for 70000 and made a 14000 down payment. If the person borrowed the balance of the purchase price, it would be considered a purchase money trust deed if the borrower received this amount from

Answer 1

A purchase money trust deed is a type of financing where the seller of a property provides the loan to the buyer.

Step-by-step explanation:

A purchase money trust deed is a type of financing where the seller of a property provides the loan to the buyer. In this case, since the person purchased a property for $70,000 and made a $14,000 down payment, the remaining balance of the purchase price is $56,000. If the person borrowed this amount to complete the purchase, it would be considered a purchase money trust deed if the borrower received the loan from the seller.