Elefson, R. VernRaup, Philip M.2012-10-232012-10-231961https://hdl.handle.net/11299/13703432 pagesT HE INSTALLMENT LAND CONTRACT is an agreement to transfer ownership of land.2 In this agreement the buyer promiseS to pay the purchase price in installments over a period of time. The seller usually promises to transfer possession of the land at the time the contract is made, or soon afterwards. Under 8 mortgage-financed sale, title passes from seller to buyer when the transaction is made. Under a land contract, the seller usually does not transfer formal title to the buyer until the last installment has been completed or until an agreed part of the purchase price is paid. The downpayment under a land contract is usually smaller than is customarily required when a mortgage is used.en-US