Define the term "purchase money mortgage."

A purchase money mortgage refers specifically to a mortgage that is provided by the seller to the buyer as part of the transaction to purchase a property. This type of mortgage allows the buyer to finance a portion of the purchase price directly through the seller, often making it easier for buyers who may struggle to obtain financing through traditional means, such as banks.

In situations where buyers may have difficulty securing a loan from lenders or where quick transactions are advantageous, a purchase money mortgage can facilitate the sale. This arrangement usually includes special terms regarding interest rates and repayment, set by the seller and accepted by the buyer.

This definition distinguishes a purchase money mortgage from other types of mortgages, such as those taken out for renovations or investment properties, or loans obtained from banks, all of which have different purposes and structures.