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When closing a seller-financed real estate deal using a land contract, it’s crucial to understand the details involved in the documentation, particularly the land contract itself, which may also be referred to as a contract for deed. This document outlines all terms and conditions that both the buyer and seller must follow throughout the loan's duration. While this process can be intimidating and may require legal assistance—especially for complex transactions—simpler deals, like selling a low-priced vacant lot, can sometimes be handled without extensive legal help.