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This is an example of a Land Contract.
A land contract often described through different terminology indexed beneath is a settlement between the buyer and vendor of real assets wherein the vendor provides the customer financing in the acquisition, and the purchaser repays the resulting loan in installments.
An agreement wherein a customer of real property, upon making an initial payment, consents to pay the seller stipulated amounts at targeted periods till the whole buy price is paid, the seller keeping prison title to the land as security for the bills.
On account that a land settlement specifies the sale of a selected item of real estate between a seller and client, a land contract can be taken into consideration as a special form of real estate contract. Within the common, more conventional real property contracts, a vendor no longer provides a loan to the client.
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