Contracts
A land contract (contract for deed) in Oklahoma is a method of seller financing where:
AThe seller transfers title at closing and holds a mortgage
BThe buyer receives equitable title while the seller retains legal title until the contract is paid✓ Correct
CThe broker holds title in trust for both parties
DTitle is transferred immediately but the deed is recorded later
Explanation
In a land contract or contract for deed, the seller retains legal title until the buyer completes the installment payments. The buyer receives equitable title (the right to use and occupy) but does not receive the deed until the full purchase price is paid.
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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).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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