What is a land contract?

Q: I want to give my land to a builder for construction. He tell me that he take it contract base. But i don't know more about land contract. I heard that it vary from transaction to transaction. So please tell me about land contract.

tigerproper, Noida

17th April 2013

Real estate News

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Hi.. Land contract is also referred as contract for deed,agreement for deed,land installment contract or an installment sale agreement. It is a contract where seller agrees to sell a property by financing the purchase for the buyer. The seller retains the legal ownership until the full payment is made and allows buyer to take possession of it for most purposes other than legal ownership.Buyer repays the loan in installments. it was very popular in the late 1970s and early 1980s.