Contract buying, selling

[Dion J.]

Can someone please explain buying and sell contracts?

[Bill Gulley]

Dion, if that's an old book, it may be describing selling on contracts, which is an installment sale, a contract-for-deed or land contract. Title is not conveyed until the terms of the contract have been met. The buyer would make payments and usually at the end of the term the buyer is responsible to pay a balloon payment at closing and the deed would then be given.