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TERM
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LAND INSTALLMENT CONTRACT
– A form of seller financing, whereby the seller retains legal
title to the property until a certain amount of the purchase
price is paid. Depending
on the laws of the state where the property is located, it can
be risky for the buyer. The
buyer may not be entitled to any equity in the property if they
default on the contract prior to taking title.
Also called a LAND CONTRACT, INSTALLMENT CONTRACT or
CONTRACT FOR DEED.
LESSEE – A
tenant.
LESSOR – A
landlord.
A
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