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have different names, those also known as. A Land Contract depending on the jurisdiction or the state youre in can be called a Contract for Deed, a Land Sales Contract, or sometimes called an Installment Sales Contract. Understand that those terms are used interchangeably and a lot of it depends on which test youre taking. Thatll determine which term is gonna be used. Now, two things as weve talked about in previous videos, parties to contracts have legal names and we have to know what they are. The Vendor is the owner and the owner is the one who gives the Land Contract. And then the Vendee is the buyer and theyre the ones receiving the Land Contract. So from here forward, Im gonna be using the term Vendor and Vendee. Vendor is the owner, Vendee is the buyer. All right, Land Contracts. They are what we call seller financing, so the owner plays the role as the lender. They are the bank and they are financing the equity that they have in their home to the Vendee who in return is m
