land contract
Definition
Conditional real property sale agreement under which a buyer acquires the possession of a property, but its title is transferred to the buyer only after the entire purchase price (including interest and other charges, where applicable) is paid off. In contrast to a mortgage (where the lender has to apply for a court order), this arrangement makes it easier for a lender to sell the property in case of a default. Also called contract for deed.
land contract is in the Banking, Commerce & Finance, Corporate, Commercial, & General Law and Real Estate & Buildings subjects.
land contract appears in the definitions of the following terms: vendor's lien and contract for deed
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