An installment sales contract is also referred to as a _____.

An installment sales contract is commonly referred to as an installment land contract. This type of agreement allows for the seller to retain legal title to the property while the buyer makes periodic payments until the total purchase price is paid off. At that point, legal title transfers to the buyer. This arrangement is particularly useful for buyers who may not be able to secure traditional financing right away, as it allows them a path to ownership while making manageable payments over time.

The terminology reflects the specific structure of the contract, emphasizing both the installment payment nature and the fact that the contract pertains to land or real estate transactions. This contrasts with other terms like "contract for deed," which is a similar concept but can imply slightly different legal nuances in various jurisdictions. Other options like "provisional contract" or "residential purchase contract" do not capture the essence of the installment payment arrangement specific to land sales and are thus not accurate descriptors for this type of agreement.