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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.
Assignment Of Land Contract, Short Form With Consent Of Vendor. The following is a form of assignment of land contract in common use in Michigan by the legal profession, together with a form of consent by the vendee, and the acceptance and agreement by the assignee of the vendee to carry out the terms and conditions of the contract.