Question

It is possible to have a secured real estate loan without a mortgage through the use of a contract for deed. In contrast to the standard real estate sale, which of the following events occurs after the closing when dealing with a contract for deed?

a. offer
b. acceptance
c. possession of the property passes to the buyer
d. title to the property passes to the buyer

Answer 1

D. The title of the property passes to the buyer.

Explanation:

A Contract for Deed is a tool that can allow buyers who either don't qualify for traditional lending options or who want a faster financing option to purchase the property. ... The seller retains legal title to the property until the balance is paid; the buyer gets legal title to the property once the final payment is made.