Land contracts or contracts for deed are a security agreement between a seller, called a Vendor, and a buyer, called a Vendee.The Vendor agrees to sell a property by financing the purchase for the Vendee. The Vendor retains legal title and the Vendee receives equitable title. The owner-carried financing can include an existing mortgage balance or the property can be free and clear. Upon payment in full, the Vendor hands the Vendee a deed to the property.