A lan contract (sometimes known as a “contract for deed” or an “installment sale agreement”) is a contract between the owner of a property and a person who wants to buy the property for an agreed-upon purchase price. 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, many times with a balloon payment to make the length of payments shorter than a fully amortized loan. When the full purchase price has been paid, the seller is obligated to deliver legal title to the property to the buyer. The legal status of land contracts varies from region to region.