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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.
A Land Contract (or Contract for Deed) is a contract between a seller and buyer of real estate, where the seller provides the financing for the purchase of the property. A Mortgage Agreement is used by a lender to secure a loan in the borrower's purchase of real estate.