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A land contract is a contract between a buyer and private seller for real property that has a home on it. Unlike a lender-financed mortgage, the seller retains the property deed until the purchase price has been paid in full.A land contract is a contractual agreement between a buyer and a seller of real estateusually residential real estate. Michigan doesn't have a standardized land contract form. 565.352 Land contract; execution and acknowledgment in another state. Sec. 2. The Seller is responsible for filling out the form in full, including dating and signing at the bottom. THIS AMENDMENT TO LAND CONTRACT ("Amendment"), made as of January 31, 2008, between MEADOWBROOK INSURANCE GROUP, INC. Select the appropriate Michigan register of deeds office where the land contract must be filed. A land contract is a form of seller financing. Under this contract, the seller of real estate in Michigan is responsible for paying the premium for the Owners Policy of Title Insurance.