A land contract is a form of seller financing. It is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
Also known as “Seller Financing” or “Deed in trust”. This is a good option if you don’t have enough of a down payment for a conventional loan or if you can’t qualify for a loan from a bank.
My first house I purchased when I was a teenager was a land contract. Mainly because no bank would even consider loaning me anything at that point.
Coincidentally, one of my recent properties purchased was also a land contract. In this situation the seller requested this for tax reasons.