Finance
A 'land contract' (contract for deed) in Georgia transfers:
AA. Legal title to the buyer immediately upon signing
BB. Equitable title to the buyer while the seller retains legal title until the purchase price is paid✓ Correct
CC. Both legal and equitable title upon the first payment
DD. Title to the county until the contract is fulfilled
Explanation
In a land contract (installment sale/contract for deed), the buyer takes possession and gains equitable title while the seller retains legal title until all payments are made. Legal title transfers to the buyer upon final payment.
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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).
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Math Concepts
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