Contracts
In South Carolina, what is a 'contract for deed' (also called installment sales contract or land contract)?
AA deed that contains additional contract terms
BA sale where the buyer receives possession but the seller retains legal title until all payments are made✓ Correct
CA standard purchase contract
DA deed used to convey multiple parcels simultaneously
Explanation
A contract for deed (land contract, installment sales contract) allows the buyer to take possession and make payments to the seller, but the seller retains legal title until the full purchase price is paid. The buyer has 'equitable title' but not legal title, which creates risk if they default.
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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).
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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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