Real estate professionals working with seller financing need a command of 15 core private note terms — from promissory note and deed of trust to balloon payments, junior liens, and due-on-sale clauses — to protect clients and close deals cleanly.
Seller carryback and private mortgage note transactions run on precise terminology. This glossary defines 15 core terms real estate professionals need to structure, service, and trade private notes — from promissory notes and amortization schedules to acceleration clauses and seasoned note criteria — so every party understands their rights and obligations.
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The complete glossary of private mortgage and seller financing terms — promissory notes, deeds of trust, balloon payments, subordination agreements, and the servicing concepts that govern every private note from boarding to payoff.
