LAND CONTRACT
\lˈand kˈɒntɹakt], \lˈand kˈɒntɹakt], \l_ˈa_n_d k_ˈɒ_n_t_ɹ_a_k_t]\
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Conditional real property sale agreement. A buyer buys a property, but gains title only after paying the entire price including interest and other charges, as applicable. Contrast to a mortgage. Here, the lender has to apply for a court order, as this arrangement allows a lender to sell the property on default. Also known as contract for deed.
By Henry Campbell Black
