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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.
Save. Jupiterimages/Comstock/Getty Images. A land covenant is a contract that runs with the land when you purchase it. Examples of land covenants are requirements to use the land for only residential purposes, building the house with a certain setback from the street, or not paint the front door a certain color.heck local land surveys to confirm that your land is within the boundaries of the development governed by the covenant. If there is any doubt, hire an attorney to confirm that the covenant applies. Find out the procedures in your development for requesting an exception to covenants.