Definitions for "Installment contract"
A contract for the sale of real estate by which the purchase price is paid in installments over an extended period of time by the purchaser, who is in possession, with the title retained by the seller until a certain number of payments are made. The purchaser's payments may be forfeited upon default.
also called a land contract, it is the buying of property via installment payments.If the purchaser defaults, the payments made are forfeited.The property deed is usually only surrendered to the buyer when a certain part of the price has been paid or when all of the installments have been made.
A contract which provides for payment of a purchase price in installments; an agreement of sale. Also called installment land contract or installment sale.