Finance
A land contract (contract for deed) in Iowa is a financing arrangement in which:
AThe seller delivers the deed at contract signing
BThe buyer receives equitable title and takes possession while the seller retains legal title until the purchase price is paid✓ Correct
CA third-party trustee holds both the deed and purchase funds
DThe buyer assumes the seller's existing mortgage
Explanation
Under an Iowa land contract (contract for deed), the buyer receives equitable title and possession, but the seller retains legal title as security until the buyer completes all payments, at which point the seller conveys the deed.
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