ContractsInstallment_contracts_and_land_contractsEASY
Under a classic land contract, the buyer takes possession and gains a beneficial ownership interest before receiving the deed. What is that interest called?
Correct Answer
B) Equitable interest
Equitable interest is correct because the facts match the buyer's beneficial interest arising from the contract even though legal title has not yet been delivered. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Right of possessionB
Equitable interestC
Contract rights under the land contractD
Installment contractWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
installment_contracts_and_land_contractscontractsland_contractequitable_interest
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