Escrow & Title
A Wisconsin property sold under an installment land contract (contract for deed). When the buyer completes all payments, the seller conveys title by delivering a:
ASatisfaction of mortgage
BWarranty or quitclaim deed to the buyer✓ Correct
CCertificate of title
DLand contract fulfillment deed
Explanation
When a land contract (contract for deed) is paid in full, the seller completes the transfer of legal title by delivering a deed (typically a warranty or quitclaim deed) to the buyer.
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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).
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
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