Lou Diamond Phillips. Lou Diamond Phillips Net Worth is $5 Million. Lou Diamond Phillips is an actor, film and television director with a net worth of $5 million. Lou Diamond Phillips has earned his net worth as a well known actor of films and television with one of his m. Lou Diamond Phillips (born L...
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.
With a Land Contract, the seller holds the legal title to the property for the entire term of the loan (i.e. â the deed wonât transfer to the new buyer until after the loan is paid in full). In the meantime, it allows the buyer to take possession and use the property immediately after signing the land contract.