<P> A land contract -- often described by other terminology listed below -- is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase , and the buyer repays the resulting loan in installments . Under a land contract , the seller retains the legal title to the property , while permitting the buyer to take possession of it for most purposes other than legal ownership . The sale price is typically paid in periodic installments , often with a balloon payment at the end to make the timelength of payments shorter than in the corresponding fully amortized loan ( i.e. , a loan without a final balloon payment ) . When the full purchase price has been paid including any interest , the seller is obligated to convey ( to the buyer ) legal title to the property . An initial down payment from the buyer to the seller is usually also required . </P>
<P> A land contract -- often described by other terminology listed below -- is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase , and the buyer repays the resulting loan in installments . Under a land contract , the seller retains the legal title to the property , while permitting the buyer to take possession of it for most purposes other than legal ownership . The sale price is typically paid in periodic installments , often with a balloon payment at the end to make the timelength of payments shorter than in the corresponding fully amortized loan ( i.e. , a loan without a final balloon payment ) . When the full purchase price has been paid including any interest , the seller is obligated to convey ( to the buyer ) legal title to the property . An initial down payment from the buyer to the seller is usually also required . </P>
when does the buyer take title when property is financed under a land sale contract
when does the buyer take title when property is financed under a land sale contract
When the full purchase price has been paid including any interest
When the full purchase price has been paid including any interest