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Tuesday, 12 November 2019
Agent Resource Center
Agent Resource Center

Question – In a sale financed with a conditional sales contract the purchaser has:

Written by Posted On Monday, 21 October 2019 05:00

(A) A restricted right
(B) A prescriptive right
(C) Legal title
(D) An equitable title

 

Answer:  (D)  In a contract of sale, the seller (vendor) agrees to convey the legal title to the buyer (vendee) when a certain sum of money is paid. Until that occurs, the seller keeps the legal title and the buyer has right of possession and equitable title. A land contract, conditional sales contract, agreement of sale, and real property sales contract are merely different names for contracts used in the sale of real property.

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