Question

Amanda Green sold her property to Sally Fay. Amanda will retain title to the property until Sally has paid in full. What kind of contract do Amanda and Sally have?

Answer 1

Answer: A land contract.

Step-by-step explanation:

A land contract is a method of property sales where, the seller of the property, finances the sales of his property to the buyer, but keeps possession of the property until the buyer has completed payments on the property's purchase.

Land contract involves the buyer paying by installments for the property until full payment is made.