Asked by Mahammed Bindawood on Jun 13, 2024
Verified
A(n) ________ is an installment contract for the purchase of land in which a buyer agrees to pay the purchase price over time and assumes many responsibilities of the owner,but the seller keeps legal title and does not turn over the deed until the purchase price is paid.
A) equity of redemption
B) deed of trust
C) land contract
D) possessory lien
Land Contract
A financing agreement for the purchase of real property, where the seller holds the title until the purchaser completes all installment payments.
Installment Contract
A contractual agreement where the buyer makes payments over time to the seller for the purchase of property, goods, or services.
Purchase Price
The amount of money paid to buy a good, service, or asset.
- Master the positions and definitions of involved parties in mortgage, deed of trust, and land contracts.
Verified Answer
GR
Gabby RudolphJun 20, 2024
Final Answer :
C
Explanation :
In a land contract,the seller keeps legal title and does not turn over the deed until the purchase price is paid by the buyer.If the buyer defaults,the seller usually has the right to declare a forfeiture and take over possession of the property.
Learning Objectives
- Master the positions and definitions of involved parties in mortgage, deed of trust, and land contracts.