Contracts
In South Dakota, a 'land contract' (contract for deed) is a financing arrangement where:
AThe buyer receives deed immediately and makes payments to the seller
BThe buyer makes payments to the seller but does not receive the deed until the price is fully paid or other conditions are met✓ Correct
CA third-party lender provides the financing
DThe property is leased with an option to purchase
Explanation
In a land contract (contract for deed), the seller retains legal title while the buyer makes installment payments and has equitable title/possession. The buyer receives the deed only upon completion of payments or fulfillment of other contract terms. This is a form of seller financing.
Related South Dakota Contracts Questions
- A South Dakota contract is said to be 'executed' when:
- In South Dakota, which of the following best describes a 'breach of contract'?
- In South Dakota, a 'contingent offer' means the buyer's obligation is:
- In South Dakota, a real estate option contract gives the optionee the right to purchase a property, but the optionor (property owner) is:
- An assignment clause in a South Dakota purchase agreement allows the buyer to:
- A seller accepts a buyer's offer but changes the closing date. This creates:
- In South Dakota, a purchase agreement that includes a 'survival clause' means that specified representations:
- A buyer submits an offer. Before the seller accepts, the buyer changes their mind and withdraws the offer. This is an example of:
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