The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

What is LAND CONTRACT

Conditional real property sale agreement. A buyer buys a property, but gains title only after paying the entire price including interest and other charges, as applicable. Contrast to a mortgage. Here, the lender has to apply for a court order, as this arrangement allows a lender to sell the property on default. Also known as contract for deed.

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