A seller financing a property under a contract means the buyer must do what after a specified period?

When a seller finances a property under a contract, it typically means that the buyer does not receive the full ownership (title) of the property immediately but rather pays off the seller over time under specific terms outlined in the contract. The stipulation that the buyer must pay the full balance after a designated period is common in seller financing arrangements.

In this context, the correct answer indicates that once the specified time frame has elapsed, the buyer is responsible for settling the remaining balance on the contract. Upon payment of this full balance, the buyer can obtain the title to the property, effectively completing the transaction and transferring ownership from the seller to the buyer.

The other options do not accurately reflect the typical outcomes of seller financing. Refinancing through a bank may be an option for some buyers, but it is not a requirement of seller financing. Paying only interest for ten years is also not a standard term; most contracts will specify some method of eventual payoff, which would include principal repayment. Waiting for the seller to reduce the price is unrelated to the requirement of full payment under the terms of the seller financing agreement and would not be a standard expectation.