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ContractsContract For DeedMEDIUM

A land contract (contract for deed) in West Virginia means:

Correct Answer

B) The seller retains legal title until the buyer pays the full purchase price

In a land contract, the seller retains legal title while the buyer makes installment payments and takes possession. The deed transfers to the buyer only after the full purchase price is paid. The buyer holds equitable title during the payment period.

Answer Options
A
The buyer receives the deed at signing
B
The seller retains legal title until the buyer pays the full purchase price
C
The property is sold at auction
D
Only land without buildings is being sold

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Related Topics & Key Terms

Related Topics:

seller-financingequitable-titleforfeiturerural-property

Key Terms:

contract for deedseller retainsequitable titleinstallmentforfeiture
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