Finance
In Arizona, a 'contract for deed' (also called 'land contract' or 'installment land contract') is a financing arrangement where:
AThe seller retains legal title while the buyer takes possession and makes payments, with title transferring only when the contract is fully paid off✓ Correct
BThe deed is held in escrow until the buyer completes a down payment
CThe buyer receives legal title immediately but the seller retains an equitable interest
DBoth buyer and seller share legal title during the payment period
Explanation
In a contract for deed, the seller retains legal title as security while the buyer takes equitable title and possession. Only when the purchase price is fully paid does legal title transfer to the buyer.
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