Example: Allen purchased three houses using a no money down strategy. In one transaction, Allen assumed the existing mortgage of $55,000, gave the seller a note for an additional $30,000 and transferred ownership of an automobile worth $5,000 to finance the $90,000
house with no cash down payment.
| No Bid, New Town | |
| Nominee, Nonconforming (LAND) Use |
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.