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DEFINITION of 'Land Contract'. An agreement between a buyer and seller of property in which the buyer makes payments toward full ownership (as with a mortgage), but in a land contract, the title or deed is held by the owner until the full payment is made. land contract can be thought of as a lease with an option to buy. Certain states have more generous legal rights for land contract holders than others. As a result, the world of land contracts can be difficult to navigate.
When the terms of the Land Contract have been meet, it is the responsibility of the land seller to give the Buyer, title to the new owner and record or deliver the Deed in favor of the buyer, named in the land contract. This is also called a contract for deed. Here is more information on How To Use A Land Contract. Information Needed To Draft Your Land Contract form. 1  The legal description, usually from your deed. 2  Determine a fair Interest Rate. 3  Amount of interest you would like to charge the land buyer for the term of loan.