Contracts
Under a Kentucky land contract (contract for deed), the buyer receives:
ALegal title immediately upon signing
BEquitable title while the seller retains legal title✓ Correct
CNo ownership interest until all payments are made
DA deed recorded at the county clerk's office upon signing
Explanation
Under a land contract (contract for deed) in Kentucky, the buyer receives equitable title and possession while the seller retains legal title until all payments are completed.
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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).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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