A “land contract” or “contract for deed” or “agreement for sale” is an installment sale you buy today but only get title after some or all of the payments are made. If you miss a payment, you could lose some or all your equity. Because title has not been transferred, there is nothing to foreclose. Some states, however, have special provisions protecting those who buy property with a land contract.
Be careful in a land contract situation to look at the proposed financing. Is lender approval required? If yes, and such approval is not received, the loan could be called.
State rules regarding land contracts vary extensively and such arrangements should be reviewed by an attorney or legal clinic before acceptance.