land installment contract

Definition of "land installment contract"
  1. An agreement for the purchase of land in which the seller keeps ownership or maintains some interest in the property until the buyer has paid the full price or the agreed-upon amount through installment payments. This is sometimes referred to as a contract for deed or a land contract
How to use "land installment contract" in a sentence
  1. They signed a land installment contract, so the buyer would make payments over time, and the seller would keep the deed until payment completion.
  2. The couple opted for a land installment contract due to their inability to secure a mortgage.
  3. Through a land installment contract, the seller retained an interest in the property until the agreed amount was paid.

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