Contracts
In South Dakota, a purchase contract that provides for the sale of real property and includes a provision for installment payments directly from buyer to seller without a traditional mortgage lender is known as a:
ALease option agreement
BLand contract (contract for deed)✓ Correct
CWrap-around mortgage
DAll-inclusive deed of trust
Explanation
A land contract (contract for deed) is a seller financing arrangement where the buyer makes installment payments directly to the seller. The seller retains legal title until the purchase price is fully paid. This is a form of seller financing that does not involve a traditional lender.
Related South Dakota Contracts Questions
- Which element is NOT required for a valid real estate contract in South Dakota?
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- In South Dakota, which of the following best describes a 'breach of contract'?
- In South Dakota, parol evidence rule means:
- A South Dakota purchase agreement has a 'time is of the essence' clause. This means:
- In South Dakota, the 'closing date' in a purchase agreement is:
- In South Dakota, a 'merger clause' (also called an 'integration clause') in a real estate contract means:
- In South Dakota, 'novation' in a real estate contract context means:
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