A sale and leaseback arrangement is one in which a seller sells a property to a buyer and then leases the property back.

Which is correct as it applies to a sale and leaseback arrangement?

Seller shall maintain possession of the property

Explanation:

A selling leaseback is a financial contract in which the seller of an estate can lease out the land from the buyer directly after the transaction is completed.

Sale and leaseback is a process in which the owner sells an estate, generally immovable land, and then rent it back from the purchaser and create his possession over the asset.

Therefore the above answer is correct.