A contract in which the owner agrees to give the buyer a deed after the buyer pays the owner a certain amount of money.

Normally requires payments (with interest) from the buyer over time (subject to the terms of the contract) on the unpaid balance.

Once the balance (plus interest) is paid in full, the owner gives the buyer a deed to the property in question.

The buyer is entitled to property possession, and is responsible for either:

1. payment of property insurance and real estate taxes on the property in question

or

2. reimburse the seller for the same fees.