Land Contract Purchase : Real Estate Startup Coach

Land contracts or contracts for deed are a security agreement between a seller, sometime called Vendor, and a buyer, sometimes called Vendee.
The Vendor/Seller agrees to sell the property by financing / or sometimes call a carry back mortgage purchase for the Vendee.
The Seller retains legal title and the Buyer receives equitable title.
The owner-carried financing many times include an existing mortgage balance or the property can be paid for free and clear.
Upon payment in full, the Seller gives the buyer a deed to the property.

Source: http://www.realestatestartupcoach.com/land-contract-purchase/

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