: In a land contract, the buyer takes immediate physical possession and use of the property. However, the seller retains the legal title until the final payment is made. The buyer typically holds equitable title during the payment period.
: The contract details the total purchase price, down payment, monthly installments, and interest rate (often fixed). contract to buy land
: Specifics on who is responsible for property taxes, insurance, and maintenance/repairs. : In a land contract, the buyer takes
: Full names and addresses of the vendor (seller) and vendee (buyer). : In a land contract
: These contracts often include a forfeiture clause . If a buyer misses even one payment, the seller may have the right to cancel the contract, regain possession, and keep all previous payments. Key Components of the Contract