LAND CONTRACT
A conditional agreement between the buyer and seller of property; the buyer acquires possession of the property but the title or deed will be transferred by the owner after paying the purchase price. Technically, it is not a legally binding agreement, hence, many payment schemes can be found.
In a standard mortgage, there is an agreed price and payment schedule but are often not amortized equally. To complete the purchase, it will require a huge balloon payment.
Also known as contract for deed, it can be thought as a "lease with an option to buy".
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