Contracts
An installment land contract (contract for deed) in Utah means:
AThe buyer receives title immediately upon signing the contract
BThe seller retains legal title while the buyer takes possession and pays in installments; title transfers upon final payment✓ Correct
CA standard purchase contract paid in installments through a lender
DA lease with an option to purchase
Explanation
In a contract for deed (installment land contract), the seller retains legal title while the buyer (vendee) takes possession and makes installment payments. Title transfers to the buyer only after all payments are made.
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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).
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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