A land contract—also known as a contract for deed, an installment land contract, or a land sales contract—is an agreement between a buyer and seller for the sale and purchase of a specific piece of land. Land contracts may consist of undeveloped land or include both land and building structures located on the land.

Land contracts are often completed with seller financing in which the buyer pays the seller in monthly payments or installments that include an agreed interest rate and a lump sum balloon payment after a certain number of years. When the buyer has made the monthly payments for the required number of years, plus any balloon payment, the seller is required to transfer the title (evidence of ownership) to the buyer, as provided by the land contract.

Land contracts may also be financed by banks or other lenders—often with traditional deed of trust or mortgage agreements. Bank and other lender loans for undeveloped land will often be financed at a higher interest rate and for a shorter term (with a balloon payment) than a traditional home mortgage, for example.

When the balloon payment to the bank or lender comes due a builder or developer may get a takeout loan to replace the existing loan—with the expectation of securing better terms (interest rate, etc.) because the land will be developed (at least in part) and the loan will be better secured by the value of the development (building structures, etc.) on the land.

In Wyoming, a land contract is a real estate transaction where the buyer agrees to pay the seller for a property in installments, including interest, and possibly a final balloon payment. The seller retains legal title to the land until the buyer completes all payments as stipulated in the contract. Upon completion, the seller is obligated to transfer the title to the buyer. These contracts can be used for both undeveloped and developed land. Financing for land contracts can come from the seller (seller financing) or from traditional lenders like banks, although loans for undeveloped land typically have higher interest rates and shorter terms, often requiring a balloon payment. If a balloon payment is due to a bank or lender, a builder or developer may seek a takeout loan to secure better loan terms based on the expectation that the developed land will offer better security. Wyoming state statutes and federal law govern these transactions, ensuring that the terms of the contract are legally binding and enforceable. It's important for both buyers and sellers to understand their rights and obligations under a land contract and to consider seeking advice from an attorney to navigate the complexities of these agreements.