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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.
What Isnât a Land Contract? 1. Leases with an option to purchase real property or rent-to-buy agreements are not Land Contracts. These arescrewy legal deals. If you have one, talk to a lawyer.2. Under Ohio law, the Land Contract must be for a homeand the property the home sits on, not just land. It canbe for a mobile home only if the mobile home is affixedto (that is, a part of) the land.3. You cannot use a Land Contract to buy just a mobilehome without the land.