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.
The Land Contract. In many states around the country, one of the most common loan instruments used in seller-financed real estate transactions is called a Land Contract (in some areas, it's also known as a âContract for Deed,â âArticles of Agreement for Deed,â âLand Installment Contractâ, âBond for Titleâ or âInstallment Sale Agreementâ).