Finance
A North Dakota 'contract for deed' (installment land contract) differs from a standard mortgage because:
AThe buyer receives the deed immediately upon signing
BThe seller retains legal title until the purchase price is paid in full✓ Correct
CNo interest is charged on the balance
DThe buyer has no right to possession during the contract period
Explanation
In a contract for deed, the seller retains legal title as security while the buyer has equitable title and possession. The deed is not transferred until the buyer has paid the full purchase price per the contract terms.
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