In real estate, a Land Sale Contract is an installment agreement in which the buyer agrees to purchase property by making periodic payments to the seller over time. The seller, also known as the vendor, retains legal title to the property until the purchase price is paid in full.
During the contract term, the buyer, or vendee, holds equitable title and typically has possession and use of the property. Once all contract terms are satisfied, the seller conveys legal title to the buyer by deed. Land sale contracts are also referred to as contracts for deed or installment sale contracts.
