Deeds are a legal documents which pass interests or rights in property, usually in real estate. They are commonly associated with transferring title to land. In modern law, bills of sale, rather than deeds, are used to transfer rights to personal property (i.e. automobiles, household goods, etc.).
Leases are contractual arrangements calling for the lessee, or user, to pay the lessor, or owner, for use of an asset. Land, buildings and vehicles, whether consumer or commercial, are common assets that can be leased. The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. The term rental agreement is also sometimes used to describe a periodic lease agreement (most often a month-to-month lease).
Land Contracts are contracts between a seller and buyer of real property. A land contract is a unique type of real estate contract in that the seller typically finances the purchase of the property by the buyer by means of accepting installment payments towards the purchase price. In more conventional real estate contracts, a seller does not provide financing (or a loan) to the buyer, and the financing is instead arranged through a third party lender such as a mortgage company.
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