Question

Gerald purchased a property under a contract for deed arrangement. He missed some payments, received notice that the seller was going to terminate the contract, and today was evicted.

A) Gerald can reclaim the property if he pays the overdue amount.
B) Gerald has no chance of reclaiming the property after eviction.
C) The seller is legally obligated to offer Gerald another chance to make the payments.
D) Gerald can take legal action against the seller for eviction without proper notice.

Answer 1

Under a contract for deed arrangement, if the buyer misses payments and is evicted, they have no chance of reclaiming the property.

Step-by-step explanation:

The answer to this question is B) Gerald has no chance of reclaiming the property after eviction. Under a contract for deed arrangement, the seller retains legal ownership of the property until the full purchase price is paid. If the buyer misses payments, the seller has the right to terminate the contract and evict the buyer. Once the buyer is evicted, they have no legal right to reclaim the property.