Purchase Money Mortgages in Pennsylvania

Purchase-money mortgages have priority from the time they are delivered to the mortgagee, if they are recorded within ten days of their date. Purchase-money mortgages are defined by the priority statute as:

"A mortgage is a 'purchase money mortgage' to the extent that it is:
(i) taken by the seller of the mortgaged property to secure the payment of all or part of the purchase price; or

(ii) taken by a mortgagee other than the seller to secure the repayment of money actually advanced by such person to or on behalf of the mortgagor at the time the mortgagor acquires title to the property and used by the mortgagor at that time to pay all or part of the purchase price, except that a mortgage other than to the seller of the property shall not be a purchase money mortgage within the meaning of this section unless expressly stated so to be."