land contract

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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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
Many courts are offering mediation as an alternative to filing a
  landlord-tenant or land contract forfeiture case.
The status of someone holding a land contract, mortgage or lien on a piece of
  property is as a secured creditor.
We will determine the cost of each deed or land contract by how many parcels
  are conveyed by the legal description.
Only a warranty deed or land contract will be accepted as proof of property
  ownership.
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