Finance
A land contract (contract for deed) in Alaska means:
AThe buyer receives the deed at closing
BThe seller retains legal title until the buyer fulfills all contractual payment obligations✓ Correct
CThe deed is held in escrow by the title company only
DThe contract must be recorded in the county land records
Explanation
In a land contract (installment sale contract or contract for deed), the seller retains legal title while the buyer possesses and pays for the property. The deed transfers only when the buyer fulfills the payment terms.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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