contract in which the buyer takes possession of the property immediately but does not receive the deed and title until a series of payments ( installments) have been made.
Commonly called contract of sale or “land contract”. Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller, and upon default by buyer (vendee) the payments may be forfeited.
A contract providing for a buyer to purchase a property by making installment payments to a seller. Title remains vested in the seller until the contracted purchase price is paid in full.