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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.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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