A land contract, also called a contract for deed, is a sale where the buyer makes payments directly to the seller over time and the seller keeps legal title until it is paid off, instead of the buyer getting a deed and a mortgage at closing. If the buyer defaults, getting the property back can be slower and less certain than foreclosing on a normal loan.
Why it matters
Holding title instead of a deed of trust changes what you have to do to get the property back if the buyer stops paying.
General information, not legal or tax advice.