Final answer:
All are characterisitics of a contract for a deed except "Right to Convey."
The answer is option ⇒4
Step-by-step explanation:
The characteristic of a contract for a deed that is NOT correct is "Right to Convey."
Here's an explanation:
1. A contract for a deed, also known as a land contract or installment contract, is a legal agreement where the seller finances the purchase of the property for the buyer.
2. Installment Payments: One characteristic of a contract for a deed is the agreement between the buyer and seller for the buyer to make regular payments in installments over a specified period of time.
3. Equitable Title: Another characteristic of a contract for a deed is that the buyer gains equitable title or the right to possess the property during the payment period, even though the seller retains legal title.
4. Default Provisions: A contract for a deed typically includes provisions that outline what happens if the buyer fails to make the required payments, including potential consequences and remedies for default.
However, the characteristic listed as "Right to Convey" is NOT correct. In a contract for a deed, the buyer does not have the immediate right to convey or transfer the property to another party until they fulfill all the payment obligations and the seller transfers the legal title.
In summary, the correct answer is that the characteristic of a contract for a deed that is NOT correct is "Right to Convey." Installment Payments, Equitable Title, and Default Provisions are all characteristics of a contract for a deed.
The answer is option ⇒4
Your question is incomplete, but most probably the full question was:
All are characteristics of a contract for a deed except...
- Installment Payments
- Equitable Title
- Default Provisions:
- Right to Convey