Contracts
In South Carolina, which of the following describes an 'installment sales contract' (land contract)?
AA standard purchase agreement
BA contract where the buyer makes payments to the seller over time and receives title only after the purchase price is paid in full✓ Correct
CA lease agreement with purchase option
DAn agreement for professional services
Explanation
An installment sales contract (contract for deed or land contract) is seller financing where the buyer takes possession but the seller retains legal title until all payments are made. It carries risks for buyers who may lose their investment if they default before receiving the deed.
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