Resources > Glossary > Seller Carry Back

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Seller Carry Back

Function: noun

Definition 1:
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage. The interest rate would have to be agreed upon by both parties. Seller carry backs were popular in the 80's when interest rates were extremely high. Servicing a seller carry back can also be tricky as the seller is not a professional servicer. Late fee notifications, first mortgage delinquencies and fire insurance concerns make this an area that should probably be handled by a professional.