Escrow & Title
Michigan's land contract (installment sale contract) differs from a mortgage because:
AThe buyer receives title immediately at closing
BThe seller retains legal title until the purchase price is paid in full✓ Correct
CThe interest rate is fixed by the state
DNo down payment is required
Explanation
In a Michigan land contract, the seller retains legal title while the buyer receives equitable title and possession. The buyer only receives the deed after paying off the full purchase price.
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