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Blog by Linda M Linfoot

Vendor Take Back Mortgage

September 25th, 2012

What exactly is a Vendor Take-Back (VTB)? 

 This is when a seller offers to lend the buyer funds in order to help facilitate the purchase of the property.  The VTB is a legally binding agreement that will represent a secondary lien on the property. The term, rate, payments and fees are all negotiated by the Seller and the Buyer (with help from their  real estate agents and lawyers of c ...