ContractsInstallment_contracts_and_land_contractsEASY
Jordan Bennett will take possession now, make payments for 10 years, and receive the deed only after paying the final balance. What type of contract best describes this sale?
Correct Answer
B) Land contract (contract for deed)
A land contract (also called contract for deed) is an installment sale in which the buyer takes possession and makes payments over time, with the seller retaining legal title until the final payment.
Answer Options
A
Option contractB
Land contract (contract for deed)C
Lease with option to purchaseD
Purchase money mortgageWhy This Is the Correct Answer
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Background Knowledge for Contracts
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Real World Application in Contracts
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Related Topics & Key Terms
Key Terms:
installment_contracts_and_land_contractscontractsinstallment_contractland_contract
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