Contracts
A Rhode Island land contract (contract for deed) is an agreement where:
AThe buyer receives immediate title and the seller is paid over time
BThe seller retains legal title until the buyer makes all payments; the buyer gets equitable title✓ Correct
CBoth parties hold title simultaneously
DA third-party escrow agent holds title until closing
Explanation
In a land contract (contract for deed or installment sales contract), the seller retains legal title while the buyer receives equitable title and possession. The deed is only delivered when the purchase price is fully paid.
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