: 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
A (also known as a contract for deed , agreement for deed , or installment land contract ) is a legal agreement where the seller provides financing to the buyer for the purchase of real property. Instead of obtaining a traditional bank mortgage, the buyer makes installment payments directly to the seller until the purchase price is paid in full. How a Land Contract Works contract to buy land
: Full names and addresses of the vendor (seller) and vendee (buyer). : These contracts often include a forfeiture clause