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September 23, 2007

Real Estate Notes and Land Contracts

Real estate notes and land contracts are legal documents created when one individual sells real estate or land to another individual. Also referred to as "real estate receivables," these notes are used to secure real estate transactions; particularly when the seller provides private financing.

When real estate notes and land contracts are privately financed by the property owner, it is referred to as seller carry back financing. In this type of financial arrangement, the property owner acts as the lending institution. Some sellers carry back only a portion of the loan, while others agree to finance the entire amount.

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