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Under a land contract the vendor grants equitable title to the vendee (which consists of virtually all rights to the property other than actual legal title), and the vendee agrees to pay the purchase price to the vendor over time, usually in monthly installments, by a certain date. When the full amount of the purchase price is paid, the vendor is obligated to deliver legal title to the vendee by an actual deed, and upon delivery of the deed, the vendee owns equitable and legal title to the property.

A land contract is an alternative way to buy real estate in which the seller provides the financing. 

See ►   Alternative Forms of Financing -  Land Contracts.

However, when the defect could have been discovered by the buyer by a thorough inspection (a "patent defect"), the buyer cannot possibly succeed in a claim against the seller unless the seller actively took steps to hide the defect from a normal inspection

See ►  Home Buyers - Home Inspection

If the price for a good is at a low level where consumers demand more of the good than producers are prepared to supply, there will be a shortage of the good, and consumers will be willing to pay more for it. See Sellers Market. The producers will increase the price until it reaches the level where consumers would not buy any more if the price was increased.

Conversely, if the price for a good is at a high level where the suppliers would like to produce more than the consumers will buy, the producers will be willing to lower the price. See Buyers' Market. The price will fall until it reaches the level where consumers would be willing to pay more for the good.

This point to which prices will move is the point of economic equilibrium, where the quantity supplied is equal to the quantity demanded — producers are prepared to sell exactly the same quantity of goods as the consumers want to buy.

See ►  Press Release - Use "Absorption Rate" To Help Sell Your Home More Quickly

The tenant usually pays an above-market rent and receives a monthly rent credit toward the down payment. The seller is obligated to sell the property on the agreed terms.

Ohio does not recognize the lease-purchase as distinct from a land installment contract. Therefore, in case of dispute,  Ohio statutes governing land installment contracts would prevail.

See ► Your Mortgage - Lease Options

The tenant usually pays an above-market rent and receives a monthly rent credit toward the down payment. The seller is obligated to sell the property on the agreed terms should the tenant choose to exercise the "option" to purchase.

See ►  Your Mortgage - Lease Options

Although the ownership of a life estate is technically temporary because it ends at a person's death, it is treated as complete ownership (fee simple) for the duration of the person's life, subject to limitations. Because a life estate ceases to exist upon death, the owner of the life estate cannot leave it to heirs, and the life estate cannot be inherited.

A life estate owner cannot give complete and indefinite ownership (fee simple) to another person because ownership in the property ends when the life tenant dies. If, however, the original grantee has sold his life estate [ex. from A to B], B's interest lasts until A dies, allowing B to bequest his interest, sell the land, etc. until that point. Once A dies, however, whoever possesses the land loses it (with the land likely reverting back to its original grantor). This is a life estate "pur autre vie," or the life of another. Such a life estate can also be conveyed originally, such as "to A until B dies."

A home loan that requires the borrower to make only a small down payment before obtaining the financing needed to purchase a house.