In a land contract, what happens after the buyer pays the sales price in full?

In a land contract, once the buyer has paid the sales price in full, the deed is transferred to the buyer. This transfer signifies the completion of the purchase agreement and conveys legal ownership of the property from the seller to the buyer. A land contract, also known as a contract for deed, allows the buyer to make payments directly to the seller while occupying the property, but ownership is not formally transferred until the full payment has been made. Once the payment responsibilities are fulfilled, it is the seller's duty to convey the title through a deed, ensuring that the buyer is recognized as the legal owner.

The other options do not align with the typical processes associated with a land contract. For instance, retaining ownership indefinitely is not consistent with the purpose of a land contract, which is to facilitate the sale and eventual transfer of property ownership. Declaring the contract null and void would imply that the agreement has become unenforceable, which would not occur simply due to the completion of payment. Additionally, requiring the buyer to reapply for financing after full payment contradicts the essence of a land contract, where financing is often secured beforehand, and the buyer is making installment payments until the total cost is settled.