land installment contract
- 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
- They signed a land installment contract, so the buyer would make payments over time, and the seller would keep the deed until payment completion.
- The couple opted for a land installment contract due to their inability to secure a mortgage.
- Through a land installment contract, the seller retained an interest in the property until the agreed amount was paid.
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