Contracts
What is a 'land contract' (contract for deed) in Delaware real estate?
AA standard purchase contract for land only (no improvements)
BA seller-financing arrangement where the buyer makes installment payments to the seller, takes possession and use of the property, but does not receive the deed until the full purchase price is paid✓ Correct
CA lease agreement for agricultural land in Delaware
DA contract between adjoining landowners regarding shared boundary maintenance
Explanation
A land contract (contract for deed, installment sales contract) is a seller-financing arrangement where the buyer takes possession and equity rights but the seller retains legal title until the full purchase price is paid. Upon final payment, the seller delivers the deed. The buyer's rights and risks vary significantly from a conventional mortgage arrangement.
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