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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.
Unlike a mortgage, a land contract stipulates that if a buyer does not fulfill. his financial obligations in the agreed upon terms of the contract, then the seller regains possession of the. property and keeps whatever money the buyer has remitted. Land contracts are legal and binding in.