Question

Hawkins wanted to purchase 200 acres of land for future subdivision, but did not have the necessary $65,000 cash. He persuaded his friend, Warner, to pay the $65,000 and purchase the land, and Warner then immediately signed a land contract for sale of the property to Hawkins for $88,000. This transaction would be: ___________________________ and _________________________ .

Answer 1

The transaction described is a land contract and a subdivision. A land contract is a legal agreement in which the buyer purchases the property from the seller over time, usually through installment payments. The purpose of the purchase is for future subdivision, which means the land will be divided into smaller lots for development.

Step-by-step explanation:

The transaction described is a land contract and a subdivision. A land contract is a legal agreement in which the buyer purchases the property from the seller over time, usually through installment payments. In this case, Warner purchased the land and signed a land contract with Hawkins, who will pay him back over time. The purpose of the purchase is for future subdivision, which means the land will be divided into smaller lots for development.