Land Contract
Definition
- A legal contract or agreement for the sale of property where the buyer takes possession while making payments, but the seller holds the title until full payment is received.
Synonyms
instalment sale agreement, contract for deed
Acronyms
LC
Related Terms and Acronyms
- Certificate of Sale — Definition,
- An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Deed (D) — Acronym, Very Important,
- A document that provides title to property and is filed with a country recorder.
➥ Used to transfer ownership of assets, often land or automobiles. - Land Title — Definition,
- The legal document conveying title to a property.
- Sales Contract — Definition,
- A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
- Seller Carryback — Definition,
- A form of financing in which the seller of a property accepts a down payment and agrees to accept payments until the property is paid for.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Unimproved Land Contract of Sale (ULCOS) — Acronym,
