land contract

American  

noun

1. a contract for the purchase and sale of land.

2. a contract in which a purchaser of real estate, upon making an initial payment, agrees to pay the seller stipulated amounts at specified intervals until the total purchase price is paid, the seller retaining legal title to the land as security for the payments.

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Example Sentences

“If they can use a highly technical case regarding a land contract, the regime can easily find another technical point regarding other media organizations,” Mr. Hui said.

From New York Times

In one common type of seller-financed agreement, called a “contract for deed” or a land contract, the seller extends credit directly to the buyer, who typically does not receive the deed to the property until the loan is paid.

From New York Times

Advocates say it’s crucial that land contract buyers are helped soon, adding that they are awaiting details on the new state program.

From Seattle Times

But most land contract owners didn’t qualify for those protections, experts and advocates said.

From Seattle Times

To make things worse, she didn’t qualify for pandemic aid because she was buying her house through a land contract.

From Seattle Times