Buyers Sam and Linda Pope are entering into a contract with sellers, Jim and Alana Jones in which part of the sale price of the property will be deferred. What kind of contract is it?

Answer: Installment sales contract

Explanation: When entering a contract in which some of the payment will be deferred, that is, some of the payment for a certain property will be delayed till a later agreed date. The deferred payment is usually in the form of an agreement whereby the buyer pays a certain percentage or amount for a certain number of days, months or years as the case may be. Usually in this of contract, buyers Sam and Linda pope takes control of the property immediately but the title or ownership claim may be held on to until the deferred payment is made or complete.