Finance
A Florida buyer is purchasing a home using a 'land contract' (contract for deed). In this arrangement:
AThe buyer immediately receives the deed upon signing
BThe seller retains the legal title until the buyer completes payments, then conveys the deed✓ Correct
CThe lender holds the deed until the mortgage is paid off
DThe title company holds the deed as escrow agent
Explanation
In a land contract (installment sale contract or contract for deed), the seller retains legal title while the buyer takes possession. The deed is not conveyed until the buyer completes all required payments, at which point the seller transfers title.
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