Contracts
In West Virginia, a contract for deed (installment land contract) differs from a standard purchase with a mortgage in that:
AThe buyer receives title at closing with the contract for deed
BLegal title remains with the seller until the buyer completes all installment payments✓ Correct
CThe buyer pays no interest under a contract for deed
DContracts for deed are illegal in West Virginia
Explanation
In a contract for deed (installment sale contract), the seller retains legal title while the buyer gets equitable title and possession. Only when all payments are completed does the seller convey legal title via deed.
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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).
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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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