It is possible to have a secured real estate loan without a mortgage through the use of a contract for deed. In contrast to the standard real estate sale, which of the following events occurs after the closing when dealing with a contract for deed?

a. offer

b. acceptance

c. possession of the property passes to the buyer

d. title to the property passes to the buyer

Question

Business

Kamila Mathews

10 April, 04:43

It is possible to have a secured real estate loan without a mortgage through the use of a contract for deed. In contrast to the standard real estate sale, which of the following events occurs after the closing when dealing with a contract for deed?

a. offer

b. acceptance

c. possession of the property passes to the buyer

d. title to the property passes to the buyer

+5

Answers (1)

Know the Answer?

Boyer · Answer 1

D. The title of the property passes to the buyer.

Explanation:

A Contract for Deed is a tool that can allow buyers who either don't qualify for traditional lending options or who want a faster financing option to purchase the property ... The seller retains legal title to the property until the balance is paid; the buyer gets legal title to the property once the final payment is made.