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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.
Land Sale Contract. A land sale contract, also known as a contract of deed, is a contract between a buyer and seller of real property. The contract usually stipulates that the buyer will purchase the property over time in installments.