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. Also called contract for deed and installment land contract.
creative real estate financing method whereby a seller with a mortgage finances a buyer by taking a down payment and being paid installments but not yielding title until the mortgage is repaid. Also called contract for deed and installment sales contract.
a real estate installments 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.
Example: Collins buys a recreational lot. Under the land contract she signed, she must pay $500 down and $100 per month for 7 years; then she is to receive a general warranty deed.
