Property Ownership
In Virginia, a 'land contract' (installment sale contract) allows the buyer to:
AImmediately receive a warranty deed
BTake possession and pay installments to the seller who retains legal title until paid in full✓ Correct
CFinance through a conventional lender
DAvoid all state transfer taxes
Explanation
A land contract (also called a contract for deed) allows the buyer to take possession while paying the seller in installments. The seller retains legal title until the purchase price is paid in full, then delivers the deed.
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