What happens after a buyer completes payments under an Installment Land Contract?

When a buyer completes payments under an Installment Land Contract, the buyer receives full legal title to the property. This arrangement is designed to facilitate the purchase of real estate where the buyer makes periodic payments over time, similar to a mortgage. Once the buyer fulfills all payment obligations as defined in the contract, ownership is transferred from the seller to the buyer, granting the buyer full legal rights to the property.

This transfer of ownership signifies that the buyer is no longer just a possessor of the property or in a conditional status; instead, they have fully fulfilled the contract and secured their legal interest in the property. The terms of the contract usually stipulate that the seller must execute a deed to the buyer upon completion of the payments, making the transfer of title a formal matter.

Other options suggest outcomes that do not align with standard practices in land contracts. Retaining ownership indefinitely or revoking the contract would not occur once the buyer has fulfilled their payment obligations. Additionally, the buyer selling the property back is not a requirement or a condition resulting from the contract completion. Thus, the accurate outcome is that the buyer indeed obtains full legal title to the property.