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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.
(October 2013) A land patent is an exclusive land grant made by a sovereign entity with respect to a particular tract of land. To make such a grant âpatentâ, a sovereign (proprietary landowner) must document the land grant, securely sign and seal the document (patent), and openly publish the documents for the public to see. An official land patent is the highest evidence of right, title, and interest to a defined area.