LAND CONTRACT
\lˈand kˈɒntɹakt], \lˈand kˈɒntɹakt], \l_ˈa_n_d k_ˈɒ_n_t_ɹ_a_k_t]\
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Conditional real property sale agreement. A buyer buys a property, but gains title only after paying the entire price including interest and other charges, as applicable. Contrast to a mortgage. Here, the lender has to apply for a court order, as this arrangement allows a lender to sell the property on default. Also known as contract for deed.
By Henry Campbell Black
Word of the day
Platidiam
- An inorganic water-soluble platinum complex. After undergoing hydrolysis, it reacts DNA produce both intra interstrand crosslinks. These crosslinks appear to impair replication and transcription of DNA. The cytotoxicity cisplatin correlates with cellular arrest in G2 phase cell cycle.