Under New York Real Property Law, what is the legal term for a contract where the seller retains legal title until the buyer completes all payments?
Correct Answer
B) Land contract or contract for deed
In New York, a land contract (also called a contract for deed or installment land contract) is an arrangement where the seller retains legal title while the buyer takes possession and makes payments. Title transfers only when all payments are completed.
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Previous Question
Robert agrees to sell his Manhattan condominium to Jennifer for $800,000. The written contract is signed by both parties but contains an error in the legal description, listing the wrong unit number. Under New York law, what is the most likely outcome?
Next Question
Patricia enters into a contract to purchase David's house in Rochester. The contract includes a clause stating 'Time is of the essence.' Patricia's attorney requests a three-day extension for the closing due to a bank delay. David refuses and declares Patricia in breach when she doesn't close on the specified date. Under New York law, what is the most likely result?