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How Does a Land Contract Work? A land contract sometimes known as a "contract for deed", "trust deed" or an "installment sale agreement" is a contract between a buyer and a seller of a real property wherein the seller provides financing to purchase the property for an agreed-upon purchase price and the buyer repays the "loan" in installments. The seller holds the title or the deed to the property until the buyer completes all payments stated in the contract. [VIEW ARTICLE]Comments RSS Feed For This Article: 
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Subject: in the event of default...
I thought this is a very good simple summary of how a land contract works, however, I think the description of what happens in a default is not accurate. I have been trying to research this subject, and I have found multiple instances whereby you cannot evict a buyer/vendee, but instead a seller may need go through a lengthy foreclosure process and be subject to a redemption period. This seems dependent on the location (state) or how much equity was paid.