A land contract is a real property sales contract.
Also called "Contract for Deed". A method of financing whereby the ownership of a piece of property or real estate remains in the seller's name as security until the buyer pays the purchase price in full.
A contract used in the sale of real property when the seller wishes to retain legal title until all or a certain part of the purchase price is paid by the buyer. It is also referred to as an installment sales contract or an agreement of sale. Back to the Top
Also known as a conditional sale agreement. A contract between a property owner and a potential purchaser, where they agree on the price of the home and the purchaser moves into the property. However, the seller retains legal rights to the property. The buyer makes regular monthly payments, which in some cases completes the sale of the property. In other cases, there is a large balloon payment due which completes the sale. These are often used when the buyer does not have enough money for a down payment.
Contractual arrangement used in some states under which a buyer purchases real estate from a seller over a period of time, usually by making periodic installment payments. Title is not conveyed to the buyer until the final payment is made. Also called an article of agreement.
Installment plan for buying a house. It is used as an alternative to obtaining a loan from a traditional, source such as a mortgage banker or savings and loan.
Installment contract drawn between a buyer and a seller for the sale of property, in which ownership of the property is not transferred until all the payments have been made.
A contract used to convey property where the buyer pays the seller a down payment, then continues to make the monthly payments directly to the seller until the contract is paid in full.
A method of real estate financing; a mortgage-holding seller finances a buyer by taking a down payment and subsequent payments in installments, but holds the title until the mortgage is fully repaid.
Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a land contract the parties involved are only the seller and buyer. Seller receives land contract payments and continues to pay existing mortgage payments, if they exist.
Also known as a Land Installment Contract or Contract For Deed. Transfer of a property where the title remains in the Seller's name until the Purchaser makes the final payment to the Seller of the Purchase Price.
A form of owner financing by means of an installment agreement during which title remains with the original seller until the predetermined terms of sale are satisfied.
A contract for the sale of a property where the seller gives up possession, but retains the title until the purchase price is paid in full; also known as a Contract of Sale or Agreement of Sale.
a common form of seller financing
a contract between the buyer and a private seller of a property , wherein the seller holds the title or deed to the property until all agreed upon payments have been made in full
a form of financing where the Seller retains title until the Buyer fully completes the terms of the Contract
a form of seller financing, and usually takes the form of a contract between the buyer and seller, calling for monthly payments of principal and interest analogous to those of a mortgage
a legal agreement between a seller and buyer
an agreement between a buyer and a
an agreement by the seller to finance your home for you
a purchase agreement and security agreement all in one document, and is ordinarily used when a buyer does not have a large down payment
a real estate transaction where the borrower may use, occupy, and enjoy the land, but no deed is given until all or a specified part of the sale price has been paid
a written agreement between a person who has sold property
a written, signed contract in which a seller agrees to sell and a buyer agrees to buy land and buildings on land , as described in A price is paid over
An agreement used to sell real property that transfers ownership of the property, but the title does not transfer until most or all of the purchase price is paid.
A form of real estate purchase in which the buyer makes installment payments toward the purchase over time and has the use of the property but does not receive title to the property until it is paid for in full.
Installment Plan for purchasing a home. A buyer would look for this when he/she does not have enough money to qualify for a mortgage.
Another term used to indicate a contract for deed.
Also known as Contract for Deed. Such instrument allows a buyer to make his down payment on a monthly basis, during which time the seller holds the deed. The deed is transferred only after the buyer has completed all agreed upon payments, at which time the buyer gets a mortgage for the balance, paying off the seller. Buyer ordinarily has rights of possession during the period of the Land Contract.
A contract for sale in which the seller retains title until the buyer completes installment payments for the property.
Installment agreement for the purchase and sale of land.
A contract between buyer and seller for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period. The seller (vendor) holds legal title and the buyer (vendee) holds the equitable title until the sales price is paid in full.
When the buyer agrees to make payments directly to the seller at pre-negotiated terms. The seller agrees to deed the property to the buyer upon completion of the agreement. The buyer becomes the owner of equity in this type of sale. (Also see Owner Financing.)
A contract for the sale of real estate wherein the purchase price is paid in periodic installments by the purchaser, who is in possession of the property even though title is retained by the seller until final payment.
A real estate contract in which the buyer makes a down payment and agrees to pay the remainder of the price, usually with interest, over a stated period of time. Upon completion of the payment the contract requires the seller to convey the title to the buyer.
A type of mortgage in which the seller retains the original loan and the buyer makes monthly payments to the seller to cover the amount of the original loan and any new mortgage. No transfer of title occurs until the loan is fully paid, and thus no equity is established until the debt is completely paid off. Most loans of this type have below-market interest rates and a balloon payment of principal at the end of the term.... read full article
A contract ordinarily used in connection with the sale of property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.
A contract where the seller keeps title while the buyer has possession. Title passes when the property has been fully paid for.
A contract given to a purchaser of real estate who pays a small portion of the purchase price when the contract is signed, but agrees to pay additional sums, usually monthly until the purchase price in the contract is paid. The seller gives a deed to the buyer when all monies owed to the seller by the buyer have been paid.
A contract to transfer property upon the payment of the terms of a contract.
an agreement to transfer title to a property once conditions of a contract have been filled.
A legal contract or agreement for the sale of property where the buyer takes possession while making payments, but the seller holds the title until full payment is received.
See "Contract for Deed".
A contract used in a real property sale where the seller keeps the title to the property until the sales price has been paid.
A contract for sale of land where title does not pass to the purchaser until all, or a certain number, of the payments have been made; also called Contract of Sale.
A contract which allows a person to use another person's property without benefit of title.
An installment contract for the sale of land whereby the seller has legal title until paid in full. The buyer has equitable title during the contract term.
A real estate installment selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller (so no title Passes) until all or a specified part of the sale price has been paid. Same as contract for deed and installment land contract
A Real estate transaction where a buyer purchases the home directly from the seller without obtaining a mortgage. The buyer may or may not put money down depending on the contract but does make monthly payments directly to the seller or in some instances to a property management company. Typically the seller retains the vested interest in the property (unrecorded) or in rare circumstances the land contract will be recorded.
An installment contract for the sale of land whereby the seller (vendor) holds legal title and the buyer (vendee) has equitable title until the sales price is paid in full.
A type of seller financing in which title does not transfer from seller to buyer until the mortgage has been paid in full. Under a land contract the buyer gains equitable title and seller maintains legal title.
An agreement entered into for the sale and purchase of land.
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An agreement to transfer title to a property once conditions of the contract have been fulfilled.
An agreement between the seller and the buyer where the title is withheld until a time where the required payments have been completed.
An agreement for the purchase or sale of real property. (See agreement of sale, conditional sales contract.)
A contractual financing devise between seller and buyer for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period of time. The document states that title does not transfer until paid in full, but the courts of Wisconsin, seeming to make things more confusing, have decided under the Doctrine of Equitable Conversion that title transfers at the time the Land Contract is signed just as if a deed were given. This concept is very important to title searchers because then liens can attach against the buyerâ€™s interest after the land contract is signed which would not happen if the seller continued to own the land during the term of the land contract. In Minnesota and certain others states, a Land Contract is called a Contract for Deed. (Vendor = Seller; Vendee = Buyer)
An installment contract for sale with the buyer receiving equitable title and the seller retaining legal title .
A security device used in the sale of real property. The buyer contracts to pay the purchase price in installments. The seller contracts that when the purchase price is paid in full, the seller will deed the property to the buyer. Until the purchase price is paid in full, the seller keeps legal title. Also called conditional sales contract, contract for deed, contract of sale.
Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title)as security for payment of the balance of the purchase price.
Type of layaway installment plan for buying a house; sought by a buyer who does not have enough down payment to qualify for a bank loan or to persuade the seller to turn over title
A type of creative financing in which a down payment is made and periodic payments are made at intervals to pay off the balance. The purchaser may use, occupy and enjoy the land but no deed is given by the seller until the total price is paid off.
A type of instrument used in connection with the sale of real estate. It differs from a mortgage in that title to the land remains with the seller until the buyer has completed the payments, though possession rests with the buyer. Specifically, a land contract is the instrument that conveys the deed of land from one person to another upon full payment of the stated purchase price.
Also known as a Conditional Installment Sales Contract, Real Property Sales Contract, Agreement to Convey, Agreement for Purchase and Sale or Land Contract of Sale; it is a written contract typically used in connection with the sale of a property in cases where the seller (vendor) does not want to convey title to the property until all or part of the purchase price is paid by the buyer (vendee).
An installment contract between the buyer and the seller whereby the buyer receives equitable title and the seller holds legal title .
A property installment selling agreement whereby the purchaser may occupy and use the land, but no deed is given by the seller until a specified part of the sales price has been paid.
The buyer is allowed to use and occupy the land however, the deed is not given to the buyer until the seller is given the full sale price.
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
contract in which the seller does not transfer title to the buyer until the full purchase price of the property is paid.
Land contract (a.k.a. contract for deed or "installment sale agreement") is a contract between the owner of the real property (called the "vendor" or the "seller") and a person who wants to buy the property (the "vendee", "contract purchaser", "purchaser" or "buyer")for an agreed-upon purchase price. Under a land contract the vendor grants equitable title to the vendee (which consists of virtually all rights to the property other than actual legal title), and the vendee agrees to pay the purchase price to the vendor over time, usually in monthly installments, by a certain date. When the full amount of the purchase price is paid, the vendor is obligated to deliver legal title to the vendee by an actual deed, and upon delivery of the deed, the vendee owns equitable and legal title to the property.