Contracts
What is a 'land contract' (contract of sale or installment sale contract)?
AA contract for the sale of agricultural land only
BA financing arrangement where the seller retains title until the buyer completes all payments✓ Correct
CA contract between a builder and the city for land use
DA contract to survey and map a parcel
Explanation
In a land contract (also called a contract for deed or installment sale), the seller retains legal title while the buyer takes possession and makes payments over time. Title only transfers to the buyer upon full payment. These arrangements carry risk for buyers who don't hold legal title.
Related California Contracts Questions
- Which of the following best describes 'mutual consent' (meeting of the minds) in contract formation?
- Under the Statute of Frauds, which type of real estate contract MUST be in writing to be enforceable?
- Which statement best describes 'time is of the essence' in a real estate contract?
- Under California law, a net listing is:
- What is an 'as-is' sale in California real estate?
- A 'right of first refusal' clause in a real estate contract gives the holder:
- Which of the following best describes 'mutual consent' (meeting of the minds) in contract law?
- When a buyer makes an offer and the seller counters with different terms, the original offer is:
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