pur·chase 1 vb pur·chased, pur·chas·ing
vt
1: to acquire (real property) by means other than descent or inheritance
2: to obtain by paying money or giving other valuable consideration; specif: to take (property) by a voluntary transaction (as a sale, mortgage, pledge, lien, or gift) that creates an interest and that is governed by the Uniform Commercial Code see also bona fide purchaser
vi: to purchase something
pur·chas·able adj
pur·chas·er n
purchase 2 n: an act or instance of purchasing: as
a: the acquiring of real property by any means other than descent or inheritance
b: the acquiring of an interest in property esp. in exchange for valuable consideration see also word of purchase
purchase money 1 n: the consideration paid or to be paid by the purchaser of property
purchase money 2 adj: involving or being a debt secured by the property purchased with the money borrowed see also purchase money mortgage at mortgage
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.