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A land contract is an agreement also known as a contract for deed or land installment contract. This contract is used in the purchase of real estate. In a land contract, the owner will retain the legal title to the property, so they are the legal owner. However, they will give the buyer permission to use the property for most purposes.
Land contracts are typically used by someone who is having trouble selling their home or by someone who is willing to buy a house but is unable to qualify for typical financing. Like most contracts, this document requires personal information from both parties. Information about the real estate will also be needed, including location, how much it will be rented for, and if there is a down payment or deposit.
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