Which of the following is false concerning a land contract?
A. Equitable title transfer when the deed is signed by the grantor at closing
B. The contract is also known as an installment contract
If a time for performance is not stated in a contract, the duties are expected to be performed within a reasonble time
C. If a time performance is not stated in a contract, the duties are expected to be performed within a reasonable time
D. The contract may call for liquidated damages an amount the defaulting party will pay the other party for breaching the contract
A. Equitable title transfer when the deed is signed by the grantor at closing
Equitable title is a subtantial interest in the real estate that the vendee takes at closing and holds while paying off the land contract. The vendor will convey legal title to the vendee with a deed when the land contract has been paid in full.
