Which of the following is true of a land contract?
A) The seller agrees to convey the title when the full price is paid.
B) The trustee holds legal title to the property put up as security.
C) If a buyer defaults, the seller does not have the right to declare a forfeiture.
D) The title to property is conveyed if partial payment has been made.

Question

Quizplus · Accepted Answer

The land contract is a device for securing the balance due the seller on the purchase price of real estate. The buyer agrees to pay the purchase price over a period of time. The seller agrees to convey title to the property to the buyer when the full price is paid.

Which of the Following Is True of a Land Contract