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Source MEE Strategy MEE Strategy Showing the closest available flashcard practice.

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0 tracked cards Real Property

At a land purchase closing, Buyer gives Seller a mortgage securing part of the purchase price and gives Bank a mortgage securing a loan used to pay the rest of the purchase price.
Which priority rule is most accurate?

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A judgment lien against the buyer that arose before closing always beats all purchase-money mortgages on the purchased land. A seller purchase-money mortgage often has priority over a third-party purchase-money mortgage arising in the same transaction, absent contrary statute or recording-act result. The buyer's promise to pay the seller destroys purchase-money status. A purchase-money mortgage can exist only if no deed is delivered.

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