2.10

Question 0

True or False:

It is acceptable to wrap non-assumable mortgages with a contract for deed.

Answer 0

False

Question 1

A contract for deed acts like a ______.

Answer 1

Purchase agreement

Question 2

In some states, a contract for deed (CD) is sometimes called a ______ or an installment land contract.

Answer 2

land contract

Question 3

A recommended way to protect you seller or buyer if a contract for deed is to be sold to an investor at closing is to require an investor to put up a non-refundable ______.

Answer 3

deposit

Question 4

In some states, a contract for deed is called a land contract, or a/an _____.

Answer 4

installment land contract

Question 5

The buyer has ______ day/days after service of a contract for deed cancellation to “cure” the debt.

Answer 5

60

Question 6

A CD usually acts like a/an ______.

Answer 6

mortgage loan

Question 7

If the buyer does not vacate the property after the cancellation deadline, he is considered a _______.

Answer 7

holdover