While a property is under a contract for deed, the buyer, or vendee, takes possession of the property and makes timely payments of principal and interest. At the end of the term, the vendee obtains a loan and uses the funds to pay off the vendor. Given these circumstances, what option does the seller have?

Question

07-01-2020
Business

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While a property is under a contract for deed, the buyer, or vendee, takes possession of the property and makes timely payments of principal and interest. At the end of the term, the vendee obtains a loan and uses the funds to pay off the vendor. Given these circumstances, what option does the seller have?

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ahmedgodtrust ahmedgodtrust · Answer 1 · 2020-01-08T17:03:00+01:00

Answer:

While a property is under a contract for deed, the buyer or vendee takes possession of the property and makes timely payments of principal and interest. At the end of the term, the vendee obtains a loan and uses the funds to pay-off the vendor. Given these circumstances, the seller may choose to repurchase the property after conveying title.

Explanation:

The seller has an option of repurchasing the property after conveying title.This is because the contract is under deed in which the buyer has taken possession and makes timely payments of principal and interest. Moreso, the title to the property is vested in the buyer since he as paid-off the vendor in full.